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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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It is almost one year to the day since Lloyds Banking Group raised £7.5bn of contingent capital in the form of Enhanced Capital Notes. But despite the high hopes in the market at the time of that deal, only one other issue has emerged — Rabobank’s issue of Senior Contingent Notes.
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Trade & Development Bank of Mongolia has become the first Mongolian bank to sell subordinated bonds, returning to investors only weeks after issuing a senior international deal that was a rarity in its own right.
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OCBC boosted its tier two capital base this week with a rare subordinated deal from a Singaporean bank. The callable deal, with no step-up, is the latest novel bank capital instrument to be issued by an Asian lender.
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Alfa Bank has decided to call its 8.625% subordinated 2015s on December 9. At first glance, this seems a conventional way to behave, although it marks a sharp contrast with two other Russian banks that this year opted to save money by not calling bonds that were due to step down to lower coupons. But more importantly, Alfa has sound financial reasons to call its debt.
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Bradford & Bingley and Northern Rock (Asset Management) have launched liability management exercises on subordinated sterling issues, following high take-up rates in their June tender offers.
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Benelux bancassuurers ING Groep and KBC confirmed plans for spin-off IPOs in the coming months as they on Wednesday reported largely positive third quarter results. ING is planning by the far the biggest deal — separate IPOs of its European and US insurance arms which have a book value of Eu21bn.