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Belgium’s KBC Bank opened books on its highly anticipated Reg S contingent capital trade on Thursday, having spent the earlier part of the week meeting investors in Europe and Asia. Despite some observers’ protestations that the price guidance was not generous enough, the deal started well, receiving $3bn of orders. Meanwhile, Axa was set to price a 30 year non-call 10 trade in euros.
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UniCredit took a path less travelled by European banks on Wednesday morning, raising subordinated debt in Asia, with a Singapore dollar bond issue. It sold a S$300m 10.5 non-call 5.5 year tier two issue.
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EFG International came to market on Wednesday with a Swiss franc tier two deal, looking to replace the tier two debt that was taken out through a buyback offer earlier this month. The Basel III compliant paper proved attractive, offering a high yield from an investment grade issuer.
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Axa was set to price a perpetual non-call six year deal to yield 5.5% on Tuesday, having received around $6.5bn of demand for the Reg S trade. Meanwhile, bankers involved in KBC Bank’s contingent capital roadshow said the bond could be launched at the end of the week.
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Standard & Poor’s has rated KBC Bank’s contingent capital instruments BB+, assigning minimal equity content to the proposed structure.
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Axa returned to subordinated issuance on Monday after an absence of nearly three years, as Standard Chartered re-opened a recent tier two.