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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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Bankers are hopeful that an Asian retail-targeted transaction for Standard Chartered next week will provide further confirmation that there is life in the hybrid tier one market.
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Liability management exercises — whereby banks either buy back or exchange subordinated debt and book a capital gain that have been all the rage since the end of last year — received a further boost from an unlikely source this week.
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Woori Bank launched an exchange offer for $400m of lower tier two bonds on Thursday in an effort to rebuild its reputation after it riled investors by failing to redeem the notes as expected in April.
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A good take-up of Lloyds Banking Group’s and Royal Bank of Scotland’s debt buy-backs showed how keen investors are to cut their losses and get out of the subordinated asset class.
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Better than expected first-quarter bank results and unguaranteed bond supply from lower rated financial institutions gave market participants in Europe and the US hope that the market is on the road to recovery this week.
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Bankers in London and Moscow are sharing the burden of the financial crisis, taking the most severe blow with average pay cuts of around two-thirds. By contrast, their counterparts in the Middle East have suffered only small drops in their bonuses.