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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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Investor hostility to tier two bank debt was plain to see this week as Commerzbank priced a Eu1.25bn deal with a shocking 250bp premium to its senior paper. The deal provided stark evidence of how expensive tier two capital is set to be in the brave new world of resolution regimes and harsher capital regulation.
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Swiss life issued a Sfr325m ($347m) perpetual hybrid on Wednesday – the fifth Swiss franc hybrid in the last four months, after deals from Helvetia and Scor and two from Zurich Financial Services.
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Commerzbank's Eu1.25bn deal this week provided stark evidence of how expensive tier two capital is set to be in the brave new world of resolution regimes and harsher capital regulation.
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German reinsurer Munich Re announced on Thursday morning that it was seeking to buy back its Eu3bn 6.75% subordinated issue through a modified Dutch auction — and that it was considering a possible new subordinated issue.
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Commerzbank will price a new 10 year bullet tier two issue inside official guidance later on Wednesday, having attracted over Eu4bn of orders from investors. The deal, which the issuer is doing as part of a wider capital optimisation exercise, will price with a yield of 7.75%.
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Commerzbank is seeking to issue two new tier two deals as part of a move to optimise its capital structure.