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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 consensus appears to be emerging around what the European definition of non-viability could be in bank capital instruments as required by the Basel Committee for Banking Supervision.
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Bank of Cyprus plans to issue the first convertible contingent convertible (Cococo) bonds, in an up-to-Eu1.34bn deal targeted predominantly at its existing retail investors — including shareholders, holders of its existing tier one and two capital of various types, and perhaps depositors and the wider public. The perpetual tier one bonds will convert into equity on the downside — if the bank breaches a low core tier one capital trigger — and on the upside, as with a straight convertible bond.
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In February 2011, Credit Suisse blew open the doors of the contingent capital market, presenting the market with $8.2bn of Buffer Capital Notes through a dual tranche private placement and a public issue. The deals were seen as a pivotal moment for the Coco market, appearing to silence those doubters who had said it would take years for the asset-class to grow. In an exclusive interview EuroWeek spoke to Kim Fox-Moertl, head of capital management in Credit Suisse's Group Treasury, and to Rolf Enderli, Group Treasurer, about the deal's origins and structure, the challenges it posed and its impact on the future of the contingent capital market.
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S&P followed in Moody’s footsteps on Monday, saying that it had downgraded German bank subordinated debt as a result of the implementation of Germany’s bank reorganisation act. S&P said in a statement that it had downgraded the debt between one and three notches. Moody's announced its own downgrade of German bank sub debt on February 17.
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A tier two deal from German insurance company Allianz has attracted more than Eu5bn of orders, according to bankers away from the deal. Books for the 30 year non-call 10 issue were opened on Tuesday morning by lead managers Citi, Commerzbank and Deutsche Bank.
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Zurich Financial Services this week returned to the Swiss franc market for another hybrid bond issue, taking Sfr500m out of the market. The insurer said earlier this week that it would use hybrid debt to partly finance a $1.67bn acquisition of Santander’s Latin American insurance operations. However, a statement from the insurer denied that the two were related and said that the deal was for refinancing existing debt and general corporate purposes.