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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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Shinsei Bank, the troubled Japanese lender, is set to sell ¥9bn ($67m) of preferred securities in an attempt to boost its tier one levels for the second time this year. Shinsei is raising the money from a pair of perpetual deals, a ¥5bn tranche paying 4.55% over 12 month yen Libor to maturity, and a ¥4bn deal paying 5.5% until July 2015 and then switching to the same floating rate coupon as the first bond.
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Intesa Sanpaolo will price a Eu1.5bn perpetual non call 10 year hybrid tier one issue via Banca IMI, Goldman Sachs, HSBC and JP Morgan later on Thursday, as it seeks to avoid the stigma of government support.
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Investors worried about the ability of KBC to pay coupons on its hybrid tier one bonds were keen to exchange their holdings in the tender offer that concluded on 25 September, the bank announced today.
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Société Générale priced a $1bn perpetual non call five year deal yesterday that has come under pressure in the secondary market, raising concerns that the dollar hybrid tier one market might have reached saturation point.
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Lead managers HSBC, JPMorgan and UBS this morning closed the books with orders of over $5.5bn for the Société Générale perpetual non call five year hybrid tier one issue, laying to rest concerns that appetite for retail hybrid tier one paper was subsiding.
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Société Générale has opened the books for a perpetual non call five year issue in its second hybrid capital raising in a month.