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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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Prudential is set to re-open the hybrid tier one market on Friday when it prices a perpetual non-call 5-1/2 year issue.
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Allied Irish Banks this week announced the terms of its liability management exercise, in which it plans to buy its subordinated debt at a deep discount to par. Despite that deep discount, the terms were not as bad as the market had feared and bondholder take-up is likely to be high.
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The Basel Committee for Banking Supervision on Thursday released the final details of what features bank capital instruments will need to include in order to be counted as regulatory capital.
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Commerzbank on Thursday morning raised Eu626m from a 10% less one share capital increase to fund a tender offer for some of its trust preferred hybrid capital. Investors reacted well to the tactical, opportunistic sale, despite knowing that much larger and strategic Commerzbank share sales are expected this year as it repays state aid.
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Prudential is set to re-open the hybrid tier one market either on Thursday or Friday when it prices a perpetual non-call 5-1/2 year issue. The issuer has mandated Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, HSBC and Goldman Sachs for the deal which will be at least $300m and will be sold into the Asian private banks network.
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A consultation paper put out by the UK Financial Services Authorities at the end of last week could make opportunistic capital raisings much more difficult for banks and insurance companies.