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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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UOB sold a rare bank capital deal this week, raising S$1bn ($792.3m) from a bond that will help it pay back an outstanding issue that will start to lose its regulatory capital value this year.
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French insurance company CNP Assurances went out with a dual tranche tier two issue on Thursday morning even though the market tone was very cautious ahead of the release of the Irish bank stress tests, which are due in the afternoon.
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The Co-operative Bank said on Wednesday it would not call Leek 17, 18 and 19 on their step-up dates, sending senior notes tumbling around at least five points. JP Morgan said the full decline could be 10 points for the senior notes, and between 15 and 30 for the junior notes.
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Leading shareholders in Banco Comercial Portugues called on Wednesday for the bank to raise over Eu1bn of capital through a non-underwritten rights issue and subordinated debt exchange. The group — which owns a total of around 30% of the bank — has put its proposal on the agenda for the next general meeting, fixed for April 18.
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Investor wariness of the insurance sector was evident in the Eu1bn tier two deal from Munich Re that priced on Tuesday, in spite of a positive reception for the issue from the market.
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Munich Re has revived plans of launching a tier two issue on the back of improving market conditions and improved clarity of the extent of the losses it will suffer as a result of the Japan disaster.