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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
Mexican lender falls short of bond size target as late 2023 momentum fades
◆ US RMBS sales in Europe: immigration or vacation? ◆ UBS AT1 makes nonsense of claims of investor fears ◆ The EU's last hurrah in the SSA market
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Standard Chartered has successfully sold its first AT1 bond though a less investor-friendly structure meant it was forced to pay up compared to a recent deal from rival HSBC. But investors were undeterred as the bond managed to attract a $22bn order book – the largest ever for a single tranche AT1 bond, say bankers.
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HSBC's additional tier one bond, sold this week, included a feature that helps insulate issuers from secondary market volatility, and which bankers say is destined to become broadly used in the asset class, writes Graham Bippart.
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National Bank of Kuwait has picked banks for its inaugural Basel III compliant tier one security.
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AG Insurance, the Belgian unit of insurer Ageas, hit the market for a small subordinated print on Thursday, printing a new 32 year non-call 12 just ahead of another Ageas subsidiary closing a tender for outstanding perpetual bonds.
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The additional tier one market took on another entrant on Thursday with the launch of Standard Chartered’s debut, which brought in a book size reminiscent of the halcyon days of the asset class in late 2013 and early 2014.
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Standard Chartered started taking orders from investors for its first ever additional tier one (AT1) bond on Thursday, having gauged investor sentiment in Asia, Europe and US earlier in the week.