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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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Banco Santander has launched a tender offer on €9.9bn equivalent of euro and sterling denominated subordinated debt alongside a separate US offer on a $257.5m subordinated bond. While the any-and-all structure of the offer is friendlier to investors than last August’s unmodified Dutch auction, bankers away from the deal said the pricing was anything but generous.
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Some investors complained bitterly. But Swiss Re’s permanent writedown contingent capital issue this week was a hit with plenty of others, writes Will Caiger-Smith. With a $5.25bn book, the deal broke new ground in loss-absorbing insurance capital.
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Danish banks are considering contingent capital issuance after their regulator said that loss-absorbing instruments with a 7% trigger — similar to Barclays’ Coco — could be used to meet Pillar II capital requirements.
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Emirates NBD had a double surprise for bankers this week when it printed a privately placed subordinated debt deal — a rare instrument for a Middle Eastern bank and one that is usually printed in syndicated format.
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While Santander appears to have paid heed to the angry market reaction to the subordinated debt buyback it conducted last year using an unmodified Dutch auction process, the levels it is offering on the any-and-all tender offer it announced on Wednesday are anything but generous, liability management specialists told EuroWeek Bank Finance on Thursday.
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Banco Santander has launched a tender offer on €9.9bn equivalent of euro and sterling denominated subordinated debt alongside a separate US offer on a $257.5m subordinated bond. In contrast to last year’s poorly received unmodified Dutch auction, the new deal is an uncapped, any-and-all offer, a more investor friendly structure.