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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
◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan?
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Gazprombank is looking to sell the first tier two bond from a Russian issuer in Swiss francs, with a deal expected on Thursday. This is the issuer’s second attempt at such a trade, following a pulled deal last year.
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A phenomenal amount of new supply since the start of 2014 meant the FIG market was bound to suffer some indigestion eventually. It did so on Tuesday, after Intesa Sanpaolo struggled to find traction with an eight year senior trade on Monday. Bonds widened on Tuesday and the market took a breather, but things seemed to be back on track on Wednesday.
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French lender BPCE found strong demand on the other side of the Atlantic on Monday, pricing a $1.5bn 10 year bullet tier two trade 15bp inside its initial price thoughts. Elsewhere in subordinated debt, Crédit Agricole is wrapping up its additional tier one roadshow and is expected to hit the market with a deal soon.
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Banco Espírito Santo followed its sovereign into the capital markets on Monday, bringing the first senior bond of the year from a Portuguese bank as credits from Europe’s periphery continued to dominate the deal flow. High beta names found the strongest bid, with national champion Intesa Sanpaolo struggling to gain momentum, which some observers put down to the lower spread it was offering.
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Senior unsecured bank bond issuance continued apace on Friday, as BBVA and Santander Consumer Finance brought deals, capitalising on the frenzied investor demand that supported just over €9bn of euro issuance between Tuesday and Thursday.
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Raiffeisen Bank International is set to print up to €500m worth of additional tier one paper this year, in conjunction with a capital increase of €2bn-€2.25bn, as it seeks to prepare for the implementation of Basel III. The bank has also decided not to sell its Hungarian subsidiary for the moment.