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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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Nomos Bank, the Russian private lender, completed a Rb19bn ($600m) capital raise on Thursday, which it will partly use to finance a stake in peer Otkritie Bank.
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Austria’s Bawag (Bank für Arbeit und Wirtschaft) printed its first tier two deal on Wednesday and was rewarded on Thursday by a strong secondary market performance, after being convinced to increase the size of the deal to accommodate demand.
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The European Central Bank on Wednesday outlined the methodology of its upcoming bank asset quality review (AQR) and stress tests, which will indicate the health of the eurozone’s lenders before the ECB takes over as sole supervisor in November 2014. The results of the tests will inevitably lead to some banks needing to bolster their capital — but ECB president Mario Draghi is concerned that new state aid rules around the use of public rescue funds could undermine investors’ appetite for bank capital.
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Austria’s Bank für Arbeit und Wirtschaft, otherwise known as Bawag, rode the wave of positive sentiment in the FIG funding and capital markets on Wednesday to resurrect the tier two transaction it abandoned in September.
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Société Générale has bought back some 86% of a $1.5bn of a high yielding perpetual subordinated bond which lost its ratings agency benefit after Standard & Poor’s changed its methodology for calculating the equity content of hybrid debt.
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Given the strong backdrop in the funding markets Italian banks have continued their issuance barrage, their success leading Austrian lender Bawag to resurrect the potential tier two deal it cancelled several weeks ago.