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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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A new tier two bond for German reinsurance company Munich Re is unlikely to go ahead, as a result of the catastrophe in Japan. However the company is pressing ahead with a liability management exercise, although with revised terms.
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Commerzbank is set to conclude a tier two capital optimisation exercise this week whereby the bank is seeking to buy back non-Basel compliant lower tier two issues in exchange for a new eight year bullet tier two.
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German reinsurance company Munich Re has changed the terms of a liability management exercise it started last week in response to the volatile market conditions. In a statement released by the company on Wednesday evening, Munich Re said that due to the volatility of the international capital markets resulting from the earthquake and tsunami in Japan, it had decided to amend the solicitation of offers to sell and the tender offer memorandum.
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Resolution regimes are unlikely to prevent future banking crisis or remove the too big to fail problem, Standard & Poor’s said in a report published on Wednesday.
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Norddeutsche Landesbank presented a four-part capital boosting programme on Monday which will see the German institution convert Eu1.2bn of silent participation instruments into more equity-like instruments. However, it has yet to be defined what form the new instruments will take.