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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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KBC and Santander had to make unexpected U-turns in relation to coupon payments and the callability of their subordinated debt this week, creating yet more uncertainty in the market.
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Bankinter priced the first Spanish lower tier two new issue since 2007 this week. The 10 year bullet deal, although relatively small at Eu250m, opens a new chapter in European lower tier two issuance.
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Deutsche Bank and Société Générale this week showed that a two speed hybrid market could be emerging in Europe by reopening the tier one asset class in euros even as other issuers faced a growing threat from the European Commission’s state aid rules.
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Deutsche Bank launched its largest ever hybrid tier one issue in euros this week, a Eu1.25bn perpetual non-call five and a half year deal that is the first euro retail targeted tier one for over a year.
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Indonesia’s Bank Mandiri, which had been considering a dollar bond issue, is likely to turn to its domestic bond market for subordinated debt, according to its chief executive this week.
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Sumitomo Mitsui Financial Group is planning to sell ¥340bn ($3.6bn) of perpetual capital securities in September as it tries to boost its tier one ratio following its recent ¥545bn acquisition of Nikko Cordial.