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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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Zurich Insurance Company opened books on a 30.5 year non-call 10.5 subordinated transaction on Monday, taking advantage of a supportive market backdrop to insure against the volatility that could arrive when polling closes for Italy’s general election later in the day.
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Subordinated debt raced back onto the playing field this week, after more than a month on the bench, with two deals announced in quick succession. Aberdeen Asset Management was hoping for a warm reception in Asia after European accounts placed more than $500m of orders for a perpetual offer, while Swiss Re mandated for a contingent capital roadshow.
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Aberdeen Asset Management was set to price the first subordinated FIG deal for over a month on Friday, having kept books for its perpetual non-call five year trade open overnight to capture Asian private bank demand — although European accounts were understood to have provided the bulk of demand.
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Specialist insurer Beazley this week pulled out of its planned retail bond issue after the majority of its subordinated debt investors declined the firm’s offer to buy back their securities at par.
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A potential delay in finalising the fourth capital requirements directive (CRD IV) and the accompanying capital requirements regulation (CRR) need not be a barrier to banks which want to print new-style hybrids, said DCM bankers this week.
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