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Vienna Insurance Group joined the post-summer splurge of FIG capital issuance on Tuesday, following up its European roadshow with a €500m no-grow subordinated bond that attracted over €2.5bn of orders.
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Swiss Re sold a dual trigger Swiss franc contingent capital bond on Monday, including capital and catastrophe-linked triggers.
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Swiss Re started bookbuilding for a Swiss franc dual trigger contingent capital deal on Monday morning. The Coco will incorporate a new structure, according to syndicate bankers involved, with the bond writing down in full should the issuer’s solvency falls below a certain threshold, or if a minimum amount of insured damage be caused by an Atlantic hurricane.
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The subordinated debt market continues to be the area of focus for top tier FIG credits. Danske Bank this week joined a star-studded list of borrowers that have brought strong deals over the past two weeks, proving the market has an appetite for variety.
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Swiss Re roadshowed this week ahead of a possible Swiss franc contingent capital deal. The Coco will incorporate a structure that has never before been used, according to syndicate bankers involved, with the bond writing down in full if the issuer’s solvency falls below a certain threshold, or should a minimum amount of insured damage be caused by an Atlantic hurricane.
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Just a week after binning its CEO and launching a below-market buyback, Danske Bank put on an impressive show in bank capital on Tuesday, printing a €1bn 10 year non-call five tier two deal which tightened 9bp in secondary trading.