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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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After deals from Wells Fargo and ANZ Bank on Tuesday, FIG issuers stepped back from the primary market on Wednesday with bankers citing concern about possible Western military intervention in Syria as the reason why borrowers have put their plans on hold.
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Nationwide has launched a tender offer for holders of its permanent interest bearing shares, targeting some £715m of securities in an attempt to bolster its capital structure.
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Credit Suisse sold a perpetual non-call five year Swiss franc Coco on Wednesday afternoon that, while priced at the tight end of guidance, fell short of the issuer's size expectations. Dominique Kunz, head of Swiss franc DCM at the bank, blamed deteriorating sentiment for the lack of demand.
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Société Générale is preparing the second additional tier one deal since Europe’s Capital Requirements Directive was finalised earlier this year. The deal will be the market’s first test of the newly agreed temporary write-down loss absorption structure — sparking a debate about how much that feature should be worth in terms of pricing.
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Société Générale is planning to test out the temporary writedown loss-absorption mechanism in a new CRD IV additional tier one bond for the first time. The industry lobbied intensely for the mechanism but some investors now say it shouldn’t merit tighter pricing. What then, is the point of issuance?
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Standard & Poor’s, the ratings agency, has assigned a long term issue rating of BB+ to Société Générale’s proposed additional tier one deal, which is expected to hit the market soon after a roadshow in Europe and Asia next week.