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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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BPCE intends to price the first hybrid tier one of 2010 later on Wednesday via lead managers Barclays Capital, Credit Suisse and Natixis. The deal will be an old-style hybrid tier one in that it will have a 200bp step-up after year 10 if the transaction is not called. The deal will also have a call after five years and the coupon resets versus one year Euribor every year. -
Feedback from the fixed income investor base on Rabobank’s version of contingent capital has been positive according to bankers involved in the Dutch bank’s deal and fund managers EuroWeek spoke to.
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The European Commission launched a public consultation on further changes to its Capital Requirements Directive (CRD) last Friday. Its proposals include eliminating innovative and dated hybrids and imposing minimum liquidity and funding levels.
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China’s Hua Xia Bank raised Rmb4.4bn ($644m) of subordinated debt in China’s domestic bond market at the end of last week, highlighting the growing appeal of the country’s bank capital market as Bank of China lined up a deal worth almost Rmb25bn.
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The European Commission (EC) on Friday launched a public consultation on further possible changes to seven areas of the Capital Requirements Directive (CRD).
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Senior analysts at asset management firms on Wednesday raised concerns about regulatory proposals for hybrid capital instruments, saying that investors would find some potential structural elements unattractive.
