by Amruth Sundarkumar | Mar 27, 2023 | Banks, Financial Institutions, Perpetual Bonds
Deutsche Bank’s AT1s tumbled by over 5-8 points after its credit default swaps (CDS) jumped by 60bp since Thursday to over 203bp. This comes in the wake of spillover risks following Credit Suisse’s downfall and subsequent rescue by UBS. Deutsche Bank had...
by Amruth Sundarkumar | Mar 27, 2023 | Banks, Financial Institutions, Perpetual Bonds
UniCredit is likely to redeem its €1.25bn 6.625% Perps callable in June as per a Reuters source after it was said to have put in a request to the ECB to redeem it. The lender has until early-May to make a final decision regarding whether to call the bond or not. The...
by Amruth Sundarkumar | Mar 24, 2023 | Banks, Credit Ratings
Commerzbank was upgraded to A- from BBB+ by S&P due to its “substantial and sustainable buffer of bail-in-able debt instruments”. S&P says this will provide additional protection to senior creditors in case of a resolution. Its additional...
by Amruth Sundarkumar | Mar 23, 2023 | Banks, Investment Grade Bonds
UBS came out with an offer to buyback €2.75bn ($3bn) of its bonds that were issued prior to its acquisition of Credit Suisse in an effort to allay fears over the risks of the deal. It made the offer for holders to tender the notes for cash at their respective re-offer...
by Arundhati Behera | Mar 15, 2023 | Banks
Credit Suisse’s (CS) bonds took another beating on Tuesday following a 10-15% fall in its AT1 perps on Monday. Tuesday’s down move spread to its senior bonds as well, led by its 4.282% 2028s down 4.8 points to 77.63 currently, yielding 10.29%. This came...
by Arundhati Behera | Mar 14, 2023 | Banks, Financial Institution Bonds, Perpetual Bonds
Monday saw a massive selloff in banks’ bonds, with the move most prominent in AT1 perpetuals. This followed the collapse of Silicon Valley Bank (SVB) in the US over the weekend. Among the prominent banks, losses were led by Credit Suisse AT1s, which were down by...
