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Attractive market across the capital stack prompts expectations for foreign bank supply until the very end of August
◆ Record sized sterling deal for an Australian bank ◆ Achieves pricing inside equivalent euro level, lead says ◆ Follows record earnings
◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium
◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession
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Two European banks ventured across the Atlantic this week to tap a dollar market that has remained open for business going into mid-December. -
HSBC returned to the additional tier one (AT1) market this week after a two year absence. It was marketing a dollar deal that it intends to use to fund the redemption of some of its outstanding preference shares.
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The Guangdong provincial government sold Rmb10bn ($1.5bn) of special purpose bonds this week, creating a new form of support for small and medium-sized banks. The proceeds will provide a crucial source of funding for the country’s many capital-starved regional lenders, but there are questions about how effective the scheme will be. Addison Gong reports.
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The Basel Committee on Banking Supervision has this week put out new guidelines for auditors to follow when they check the way banks calculate expected credit losses. The guidance arrives as market participants struggle to determine the outlook for bad loans, as a result of a significant variability in accounting practices.
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Barclays has invited holders of some of its legacy tier two bonds to exchange their notes for cash, as it looks to smarten up its debt capital structure.
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European banks will have longer than expected to correct the fallback language in their dollar-denominated additional tier ones (AT1s), now that dollar Libor has been given an extra 18 months to live.
