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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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Commerzbank set the coupon on a new eight year bullet tier two deal higher than expected as the bank responded to difficult market conditions. The deal, which Commerzbank is launching as part of a liability management exercise and a wider tier two capital optimisation exercise, will have a 6.375% coupon. Last week, leads Barclays Capital, BNP Paribas, Commerzbank and Citi set the minimum coupon at 6.125%.
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Munich Re is proceeding with investor presentations ahead of a possible tier two transaction despite markets uncertain of the full impact that the devastation that struck Japan on Friday will have on the insurance sector.
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German reinsurer Munich Re announced this week that it was seeking to buy back a Eu3bn 6.75% subordinated issue through a modified Dutch auction — and that it was considering a possible new subordinated issue.
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Swiss Life issued a Sfr325m ($347m) perpetual non-call 5-1/2 year hybrid on Wednesday in the latest of five capital deals in the currency in the past four months.
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Banco Español de Crédito (Banesto) is seeking to buy back a Eu500m lower tier two issue at 100% and exchange it for a new euro-denominated senior issue, it announced last Friday.