Sarah Ainsworth

FIG

CaixaBank attracts over €3bn orders with euro AT1 market reopener

◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity

Sarah Ainsworth, January 16, 2025

Regulatory Capital

Wiesbaden, Germany. 26th Aug, 2022. Aareal Bank in Wiesbaden. The bank holds its Annual General Meeting on August 31. Credit: Boris Roessler/dpa/Alamy Live News

CRE market turns corner with Aareal's 'amazing' AT1 refi

◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon

Atanas Dinov, January 15, 2025

FIG

VALENCIA, SPAIN - NOVEMBER 15, 2021: Novo Banco is a Portuguese bank introduced by the Bank of Portugal to rescue assets and liabilities of Banco Espi

Senior preferred market 'finds some resistance'

◆ LF Bank finds 'some resistance' to spread tightening ◆ Big divergence on FV ◆ Novo Banco spread 'astonishing'

Sarah Ainsworth, January 15, 2025

FIG

Asset managers bolster demand for senior preferred paper

◆ Banco BPM, BAWAG and SBAB sell senior preferreds ◆ RV disadvantage vs covered 'may be fading' ◆ Green and social labels 'helping' some deals

Sarah Ainsworth, January 14, 2025

FIG

Attrition rates vary in LBBW and KBC senior sales

◆ Price discovery and issuer frequency impacts LBBW SNP offering ◆ KBC order book holds firm ◆ Less frequent issuers drive second wave of issuance

Sarah Ainsworth, January 14, 2025

FIG

Manchester City's Raheem Sterling rues a missed chance during the Barclays Premier League match at the Etihad Stadium, Manchester.

Missed sterling chance: FIG issuers reconsider funding strategy

◆ RV in sterling turns less favourable for issuers ◆ Investors 'underwater' on recent deals ◆ Asset managers see 'no fundamental change' in UK financials from higher Gilt yields

Sarah Ainsworth, January 14, 2025