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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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The subordinated debt market burst into life on Tuesday as Prudential plc drew more than $15bn of demand for a perpetual issue and Standard Chartered began marketing a 10 year tier two deal globally with a 144a/Reg S structure.
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Banque Internationale à Luxembourg, formerly part of Dexia, is offering to buy back a tier one and four lower tier two securities in a cash tender offer designed to bolster its regulatory capital.
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As European policymakers approach a final agreement on new rules specifying how subordinated bonds and additional tier one instruments must be structured, banks have two options: wait for clarity on how to incorporate loss absorption at point of non-viability, or simply press ahead with tier two issuance — and risk not receiving capital treatment under the new framework.
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Promsvyazbank will call its $100m subordinated 2018s on January 31, according to an investor relations official at the Russian bank, in spite of an imminent coupon step-down. Demand for emerging market debt is so strong that a new issue would be cheaper, although the bank has no urgent need for funding.
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New rules specifying how subordinated bonds and additional tier one instruments must be structured, including how to incorporate loss absorption at the point of non-viability (PONV), could be finalised as soon as February, the European parliament has said. Once agreed, the framework could be passed into law in the first half of the year — but bankers reckon that issuers will power ahead with new deals before then.