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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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French insurer La Mondiale has closed a combined tender offer and exchange for holders of its €400m fixed to floating rate perp, buying back just over €17m and switching €331.7m into a new bond that will yield 6.75%.
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Greek lender Alpha Bank is targeting €316m of outstanding tier one and tier two securities in a tender offer as part of a range of proposals to strengthen the bank’s core tier one capital base.
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UniCredit cashed in on Italy’s improving political situation and investors’ hunger for yield this week, blazing a trail for southern European banks with a well received $750m subordinated bond — the first pure tier two print from a peripheral European bank borrower since Bank of Ireland sold a €250m trade in December 2012.
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A hefty withholding tax on Italian paper for private bank investors in Switzerland and Hong Kong meant that UniCredit relied on support from European institutional investors for its debut Reg S subordinated bond, which was trading around re-offer on Thursday morning.
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UniCredit on Wednesday provided the first tier two deal from a bank borrower since January, gathering over $3bn of orders for a 10 year non-call five trade, the first time it has accessed US dollars in the Reg S format.