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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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UK insurer Standard Life printed its debut unguaranteed holding company tier two bond this week, generating £2.5bn of chunky orders and squeezing the pricing to 385bp from the initial pricing thoughts of low 400bp area over Gilts.
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European real money investors showed solid demand for Swedbank’s 10 year non-call five tier two euro bond on Wednesday, taking some 82% of the bonds. However, UK accounts showed less interest than for other recent Nordic tier twos, underscoring the extent to which spreads have tightened in the asset class.
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Austria’s Hypo Alpe Adria International Bank finishes its European roadshow today (Friday) to discuss a government guaranteed note that will count as tier two in its capital ratio. A Reg S transaction may follow next week, depending on both market conditions and European Commission approval.
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Dutch lender Achmea Hypotheekbank is offering to buy back up to $900m of government guaranteed debt in a liability management exercise, a move that will reduce its state aid payment burden. Meanwhile, Dexia Crédit Local increased the cap on its subordinated debt buyback to repurchase all of the bonds investors tendered.
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An adventurously structured perpetual tier two bond from Société Générale, which gives the bank an equity ratio boost with ratings agency Standard & Poor’s, could open the door for similar deals from other banks looking to bolster their capital structures, market participants said this week, writes Will Caiger-Smith.