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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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◆ 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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The growing challenge for smaller banks seeking subordinated debt in the bail-in era was underlined this week by Banca Popolare di Milano’s Eu400m lower tier two issue. With worryingly high volumes of sub debt reaching call dates shortly — as much as Eu60bn this year across the top 50 European banks — lesser issuers face a tough choice between the stigma of failing to call their deals and having to raise new capital from investors sceptical of the asset class.
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Woori Bank is planning to sell a subordinated bond to international investors, but is still several months away from launching. The bank is still in discussions with arrangers about how best to structure the deal.
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Zurich Financial Services has returned to the Swiss franc market for another hybrid bond issue. The insurer announced earlier this week that it would use hybrid debt to partly finance the $1.67bn acquisition of Santander’s Latin American insurance operations. However, a syndicate banker managing the deal said that this issue was not related to the acquisition.
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Dutch insurer Aegon on Thursday launched a Eu850m share offer in the latest of what is expected to be a long procession of financial institutions raising capital in 2011 to repay state aid taken during the 2008/9 financial crisis or to meet Basel III requirements.
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Banca Popolare di Milano just about managed to get 2011’s first new lower tier two away on Tuesday, pricing a Eu400m 10 year bullet deal at 375bp over mid-swaps — 25bp wider than first whispered.