Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Gulf AT1 issuance is much higher than last year, tiring out investors
◆ Italian lender achieves tight spread, pays 'generous' concession ◆ But book building deemed slower ◆ Some tier two fatigue creeps into market
Banker had been at NatWest for three years
This is its first ABS deal since November 2023
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French banking groups seen as most likely candidates to step up capital issuance from their insurance arms -
◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1
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◆ UK insurer to add debt capital after equity ◆ Deal to finance HSBC acquisition ◆ Credit markets are receptive for subordinated debt
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Bold cuts to capital charges across deals with CMBS and CLOs set to benefit
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American Express led another busy week for FIG supply as bank borrowers took advantage of investors looking for extra yield by topping up with additional tier one capital.
