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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
Mexican lender falls short of bond size target as late 2023 momentum fades
◆ US RMBS sales in Europe: immigration or vacation? ◆ UBS AT1 makes nonsense of claims of investor fears ◆ The EU's last hurrah in the SSA market
◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan?
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ICBC Asia, an offshore arm of Industrial Commercial Bank of China, looks set to be the first bank to sell subordinated debt in the offshore renminbi bond market and is already pitching investors on a deal that could be launched next week.
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France’s BPCE is set to generate around €380m of core equity capital by repurchasing €1.1bn of hybrid securities below par in a liability management exercise that closed last night.
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As the market keenly awaits the developments from this afternoon’s European leaders’ summit, FIG analysts said the plan for sovereign debt would overshadow details on bank recapitalisations.
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The hybrid capital market was in wait and see mode on Monday, in the face of uncertainty over Europe’s bank recapitalisation process and a warning from Fitch over the potential implications for sub debt.
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Van Lanschot described the liability management exercise that closed this week with high take-up as a "win-win" operation for the bank and its investors.
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Two plucky eurozone banks have blazed a trail for their peers ahead of EU leaders’ crucial new directives on capital. In moves likely to become widespread if lenders are ordered to increase capital next week, Banco Espirito Santo and BPCE will boost equity substantially by exchanging or buying back hybrid securities well below par.