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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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Helvetia Insurance issued a Sfr300m hybrid capital deal on Wednesday, the first ever Swiss domestic hybrid from a financial institution — and the first with no step-up.
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Helvetia Insurance is bookbuilding a hybrid deal in Swiss francs, the first domestic hybrid in the market from a rated borrower. Standard & Poor’s rates Helvetia’s senior debt A- with stable outlook.
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Rabobank priced a well oversubscribed Eu1bn 10 year bullet lower tier two issue on Tuesday, the tightest lower tier two of the year so far. The deal was priced at 112bp over mid-swaps, which was inside the initial price whisper of 115bp-120bp over and at the tight end of the 112bp-115bp guidance.
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Rabobank is set to price a new lower tier two 10 year bullet issue later on Tuesday, having attracted an order book of around Eu1.5bn for the trade.
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Poor execution is the charge being levelled by market participants at Friday’s Eu750m 10 year bullet lower tier two deal from Sumitomo Mitsui Banking Corporation, in spite of the issue attracting an order book of Eu2bn and being priced at the tight end of guidance.
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Phoenix Group, the UK insurance holding company previously known as Pearl, raised £33m from an equity placement last Friday in what bankers believe is the first ECM deal to fund an alternative coupon settlement mechanism (ACSM) payment on a hybrid tier one bond.