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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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UK insurer Liverpool Victoria got a warm reception from sterling investors on Wednesday with its debut capital markets transaction, a 30 year non-call 10 subordinated bond. The deal was handsomely oversubscribed and performed well in secondary trading, underlining the popularity of insurance credits and the strength of investor demand in the undersupplied sterling market.
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European institutional investors enthusiastically supported UBS’s 10 year non call five contingent capital trade on Wednesday, buying almost half of the deal, after the issuer decided not to offer private bank investors the 50bp concession that has attracted that bid in the past.
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Italy’s Banco Popolare is offering investors a small premium to market value in a buyback of up to €600m of tier one and tier two capital instruments.
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European institutional investors reinforced their support for loss-absorbing capital instruments on Wednesday, providing the majority of demand for UBS’s low-trigger Coco and allowing the bank’s syndicate to price the deal inside the initial pricing range. Meanwhile, UK insurer Liverpool Victoria made its capital markets debut with a sterling denominated subordinated bond.
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Loss absorbing capital is set to become the word on every investor’s lips over the next few months — especially after last week’s market opening additional tier one trade from BBVA. Investors are hungrier than ever for paper, but while BBVA’s multi-trigger trade showed that issuers can structure deals to cover all regulatory bases, other borrowers may wait a couple of extra months to print.