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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 are being called upon by Bank of Ireland to step in and help the bank back on its feet. Holders of seven of the bank’s hybrid tier one and upper tier two securities have been asked to exchange their bonds for either cash or equity. The liability management exercise is part of a wider capital raise undertaken by the bank (see separate story in the equity section).
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Banks around the world have asked the Basel Committee to reconsider its stance on hybrid tier one capital. In their responses to the committee’s Strengthening the resilience of the banking sector consultation paper, banks and their representative associations have rejected its restrictive take on hybrids.
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Financial institutions bankers are hoping that spreads will stabilise at current, albeit wide, levels on Wednesday as the market begins to digest Standard & Poor’s downgrades of Greece and Portugal.
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Royal Bank of Scotland will stand by the planned terms of the senior bonds it is issuing as part of its liability management exercise today despite financial institution bond spreads widening out this week, said bankers involved in the exercise.
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Bank of Ireland moved quickly on Monday morning to get the first part of its Eu3.421bn equity raising out of the way when it completed a Eu500m placement of shares to institutional investors. -
Sabadell issued Eu94m of lower tier two 10 year bullet euro bonds to new investors on Monday. The deal was first issued to existing investors in a debt exchange offer last week as part of a liability management exercise. It increased the size of the new issue to Eu500m.
