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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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Norddeutsche Landesbank concluded a roadshow this week, and hopes are that lower tier two transaction could now surface next week. The issuer, which mandated Crédit Agricole, Credit Suisse, Norddeutsche Landesbank, Royal Bank of Scotland and UniCredit earlier this month, saw investors in Switzerland, Paris and London this week.
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The Committee of European Banking Supervisors is pressing ahead with changes to the European Capital Requirement Directive (CRD).
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Deutsche Bank made a successful return to the lower tier two market this week, pricing a well oversubscribed Eu1bn 10 year bullet lower tier two self-led deal. Not only did the issuer re-open the subordinated bond market in Europe where there had not been a deal for the best part of two months but it put an end to the speculation that the bank might not be able to do a lower tier two again following its decision in December 2008 not to call a lower tier two issue.
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HSBC’s colossal $3.4bn tier one perpetual, priced on Thursday, made a mockery of recent paralysis in the market caused by both the sovereign debt crisis and uncertainty over regulatory treatment of subordinated debt. -
The subordinated bond market for bank issuers is set to re-open with a bang on Thursday with three transactions from Standard Chartered, Deutsche Bank and HSBC set to be priced.
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Holders of Northern Rock and Bradford & Bingley subordinated debt sold back most of their bonds to the issuers in liability management exercises conducted by the two banks.
