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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. The rarity of the deal — and the commitment of some repeat investors — helped the bank refinance at a much cheaper level than it would have paid in the dollar market, according to bankers.
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UBI Banca on Tuesday revealed plans to raise Eu1bn of core tier one capital, choosing to issue common equity instead of new-style hybrids because of regulatory uncertainty and cost concerns. It will launch a rights issue, underwritten by Mediobanca, in the summer.
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Details of how Spanish savings banks will meet incoming capital requirements have begun to emerge, following the Bank of Spain’s deadline for the cajas to put forward their recapitalisation plans.
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Irish bank CDS spreads came under pressure at the end of last week ahead of the release of the country’s bank capital needs, which are due to be announced this Thursday. Bank of Ireland’s five year subordinated CDS closed last week at 1,868bp, from 1,650bp at the beginning of the week. The bank’s senior CDS traded better, closing the week at 1,027bp from the 1,042bp open last Monday.
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The take-up rate on the Irish Nationwide liability management exercise started at the beginning of March has come in at almost 100%. The exercise finished on March 18, although the early bird results released on March 8 had already shown how keen investors were to exit the bonds. BNP Paribas handled the trade.
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