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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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Reduced funding needs are keeping a lid on senior unsecured issuance, while uncertainty around grandfathering rules for old style tier two is preventing FIG borrowers from tapping the subordinated debt market, bankers told EuroWeek Bank Finance on Tuesday.
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Two UK banks are seeking shareholder approval for resolutions at their annual general meetings that should open the way for new contingent capital issuance. The moves could add to the Coco issuance pipeline in the wake of the Bank of England’s announcement last month that UK lenders need to raise £25bn of capital.
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Raiffeisen Schweiz sold its debut Basel III compliant perpetual bond on Friday afternoon, following a lengthy period of roadshowing and a week-long bookbuilding process. The size of the deal topped the issuer’s expectations while pricing at the tight end of guidance.
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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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Bupa Finance was back in capital for the first time in nearly a decade this week, with that rarity driving orders for its £500m 10 year tier two bullet transaction over £5bn in less than an hour.