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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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The subordinated bond market is bracing for turmoil after the Basel Committee on Banking Supervision (BCBS) delivered a shock on Thursday when it outlined plans to force lower tier two bondholders to take losses immediately before a troubled bank receives state support. The move could hit existing bonds, which could now be less likely to be called.
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The European Commission has allowed ABN Amro to call Eu87m of preference shares so that a Eu1bn tier one security is not reclassified as tier two capital.
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A build-up of reverse enquiries from German investors over recent weeks helped Norddeutsche Landesbank to bring a Eu400m 10 year bullet lower tier two launched in June to Eu500m.
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Brazil’s Banco Bradesco capitalised on low global interest rates to price a $1.1bn long 10 year bond on Monday, with the lowest ever coupon for a lower tier two issue from the country.
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A build-up of reverse inquiries from German investors over recent weeks helped Norddeutsche Landesbank to bring a Eu400m 10 year bullet lower tier two launched in June to Eu500m.
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Brazil’s Banco Bradesco dived into the subordinated debt market on Monday with a $1bn long 10 year lower tier two bond.