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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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Bondholders’ capitulation to Anglo Irish Bank’s squeeze-out of dissident investors has laid down a marker as larger peers hurtle towards full nationalisation and bail-ins that could impose losses on senior creditors, bankers and analysts said this week. A defeated attempt to have Irish Nationwide Building Society wound up reinforced the idea.
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Despite sovereign volatility in Europe and Asia knocking out several planned deals, particularly from emerging market names, battered primary bond markets still delivered funding for a host of credits this week. This unbowed performance renewed participants’ confidence in the outlook for the rest of the year.
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Fubon Bank and Industrial and Commercial Bank of China’s Hong Kong subsidiary tapped a narrow window of opportunity at the start of the week. The two banks sold lower tier two bonds in a brief period when the market was still bullish following positive news about Ireland over the weekend, perfectly timing a market that quickly froze shortly after their deals were priced.
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Macquarie Bank priced a well oversubscribed perpetual non-call five hybrid tier one on Thursday, defying market conditions that had caused other borrowers to scrap their deals.
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Macquarie Bank priced a well oversubscribed perpetual non-call five hybrid tier one on Thursday despite tough market conditions. Bank of America Merrill Lynch, Credit Suisse, JPMorgan and Macquarie Bank led the $400m issue, which priced at the tight end of guidance with a 8.375% coupon from the 8.5% initial talk.