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Wells Fargo and Citigroup both brought subordinated trades to the US market this week, as banking and financial names accounted for more than half of investment grade supply.
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The strength of the US market has long been cited as one of the factors affecting tightening pricing in the European market. But the repricing of an £885m facility for UK food retailer Iceland, the first purely European margin reduction seen in the sector for many months, illustrates that demand for European deals is growing independent of the US bid.
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Specialist insurer Beazley is set to replace its outstanding subordinated debt with senior funding through a buyback followed by a retail bond issue.
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Subordinated bank debt is under pressure, hit by a double whammy of the fallout from the Dutch government’s nationalisation of SNS Reaal and a gradual waning of the Asian bid for European paper. Investors are being forced to reassess the risks of sub debt and the reward they should be demanding for buying it, just as the market is gearing up to absorb heavy supply in 2013, writes Will Caiger-Smith.
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Specialist insurer Beazley is offering investors the chance to sell back their sub debt, so that the issuer is no longer committed to maintaining a rating on the notes.