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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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Allied Irish Banks will complete a callable-into-bullet lower tier two exchange offer on Friday after on Monday inviting bondholders to exchange any and all of their outstanding callable lower tier two holdings. JPMorgan and Morgan Stanley are handling the exercise.
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Bond buyers piled into fresh lower tier two supply from Nordea and Lloyds TSB Bank on Wednesday. The Lloyds order book has reached Eu5bn according to bankers away from the trade and the issuer will price a Eu1.5bn 10 year bullet deal at the refined guidance of 325bp over mid-swaps later today. Deutsche Bank, Goldman Sachs and HSBC are joint lead managers.
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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 on Tuesday, 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 gave a glimpse into the future of contingent capital when it priced a Eu1.25bn senior contingent note (SCN) on Friday. Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley and UBS led the 10 year senior unsecured deal with a capital-based writedown trigger. It attracted an order book of Eu2.6bn from 180 accounts. -
An innovative Eu1bn tier one hybrid from France’s BPCE this week ended a three month drought in the European bank capital market. But while investors responded positively to the deal with Eu2.5bn of orders, only the boldest banks are likely to brave continuing uncertainty over regulation, according to hybrid specialists.
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Fixed income investors lapped up the first hybrid tier one by a European financial institution this year, putting in around Eu2.5bn of orders for the Eu1bn innovative deal. Barclays Capital, Credit Suisse and Natixis led the deal which was priced late on Wednesday.
