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Making cuts in Asia balanced by funding needsBy Nick Lord | 16 January 2012 European financial institutions that want access to Asian liquidity should think twice about cutting staff and closing desks in the region.
European banks and insurers are facing a difficult political balancing act — looking to Asian markets to recapitalise their balance sheets, while at the same time paring back their operations in the region.
On Thursday, Zurich Insurance from Switzerland completed a highly successful $500 million perpetual, non-call-six hybrid bond deal that was sold 77% to Asian accounts. Most of the deal was placed with Asian private banking accounts and demand was such — at $4 billion — that pricing came in at 8.25%. This was 75bp inside the initial guidance set by leads Barclays Capital, Citi, HSBC and RBS.
The deal is the latest in a trend that started in earnest in 2010, when European banks and other financial institutions began coming to the region to raise much-needed capital. A perpetual deal by Prudential early last year was almost fully sold in Asia. Credit Suisse’s contingent-capital deal in February garnered $22 billion of demand for a $2 billion deal, with 18% of that demand coming from non-Japan Asia. During the summer, BNP Paribas sold 26% of a euro-denominated covered bond to Asian accounts, one of the highest Asian takes of any such transaction. This year, bankers at financial institutions groups in London report that they expect similar, if not greater, participation in their European deals from Asian accounts.
Even in the senior unsecured space — a market pretty much closed for most of the second half of 2011 — 2012 has got off to a bright start. Swedish bank Svenska Handelsbanken on Wednesday sold a
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