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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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Demand for HSBC Holding plc’s new 30 year bullet lower tier two self-led has reached £1.5bn and the issuer is expected to raise £900m later on Tuesday. -
Allied Irish Banks will complete a callable-into-bullet lower tier two exchange offer today (Friday) after inviting bondholders to exchange any and all of their outstanding callable lower tier two holdings on Monday. JPMorgan and Morgan Stanley are handling the exercise.
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Lloyds TSB Bank issued the first lower tier two deal from a UK bank with government support this week. It demonstrated the borrower’s rehabilitation and — along with Nordea Bank which also this week priced a lower tier two deal — the strength of appetite for the subordinated product in a resurgent financial institutions market.
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Market expectations that Royal Bank of Scotland will shortly launch a liability management exercise for some of its subordinated debt grew this week, though with investors having expected a transaction for some time there was little price movement among the bonds, said bankers.
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Rabobank priced possibly the most hotly-debated financial institution bond deal of recent times on Friday (April 21), a Eu1.25bn senior contingent note (SCN) that gave the nascent market for contingent capital a new dimension.
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Nordea and Lloyds TSB Bank issued 10 year lower tier two bullet issues on Wednesday, making them the first issues from European names this year in this format.
