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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
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CDS in senior Danish bank debt hardly moved on Monday despite the news that holders in Amagerbanken senior and subordinated debt would suffer heavy losses on their holdings after the bank filed for bankruptcy on Sunday.
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Investec set a minimum pricing level on Friday for a new lower tier two issue as part of a liability management exercise.
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Banco de Sabadell completed a 10% capital increase on Tuesday morning and launched a liability management exercise aimed at using the cash proceeds to buy back subordinated debt. The capital raise/LM combination was used by Commerzbank three weeks ago, though lead manager UBS’s mandate for the Spanish bank predated that transaction and other banks are said to be planning similar deals.
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Investec has resuscitated a tier two liability management exercise which it had cancelled in September 2010 amid regulatory uncertainty. As part of the deal, Investec will also price a new lower tier two issue, the first of the year and the first in the sterling market since April last year. New investors can come into the deal, although their allocations will be dependent on how much outstanding bondholders put up for exchange.
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Holders of Irish bank subordinated debt paper are set to take a further hit on their holdings as EBS Building Society and Bank of Ireland seek to buy some of their debt back at deep discounts.