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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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Monte dei Paschi di Siena, Italy’s third largest bank, is set to approve a restructuring plan later this month that will include a €2.5bn capital raise.
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SNS Reaal, the Dutch lender that was nationalised in February after suffering heavy commercial real estate losses, has reshuffled its executive board, appointing a new retail banking chairman after a resignation.
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Credit Suisse added its name to a growing list of banks looking at the European subordinated bond market this week, announcing a European roadshow for a possible low-trigger Coco deal, which would be the first instrument of its kind denominated in the single currency.
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Crédit Agricole is looking to bring its first contingent capital trade, having spent the week meeting investors to thrash out the finer points — and most importantly, the pricing — of a 20 year non-call five structure which will see investors permanently lose 100% of their principal if the bank breaches a 7% common equity tier one capital ratio.
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Japan’s life insurers will be visiting global investors to sell subordinated debt despite plenty of liquidity back home.
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Demand from private bank investors in Hong Kong and Singapore was once a cornerstone for high-yielding subordinated bank debt trades. That bid has backed off recently, and as SocGen’s additional tier one trade showed, it is no longer dependable — but that’s no bad thing.