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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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Dexia announced late on Friday that it would not service the discretionary coupon on its Eu500m perpetual non-call 2016 tier one issue, following the European Commission’s stark reminder last week that banks receiving state aid should not use government money to reward investors.
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Norddeutsche Landesbank’s $500m perpetual non-call 5-1/2 year issue had a shaky start in the secondary market after it priced on Friday and although it has recovered some of the lost ground, the bonds were still trading below par on Monday.
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Banco Bilbao Vizcaya Argentaria (BBVA) has invited holders of three of its tier one bonds to sell them back and exchange them for new sterling and euro tier one issues with a current coupon.
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The European Commission this week expressed barely veiled annoyance at ING and Dexia for calling tier two capital issues despite having received state aid — a move that could be seen as using government money to reward investors, rather than making them bear the true risks of their investments.
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Norddeutsche Landesbank is set to price its $500m dollar hybrid tier one today (Friday) with an order book on the deal that is 2-1/2 times covered.
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Crédit Agricole sold a $1bn non-call 10 year perpetual Yankee this week in a deal designed to bolster capital ratios ahead of the divestment of the financial stake taken by the French authorities.