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Barclays set another point on the contingent capital curve this week, selling a $3bn tier two that carries permanent write-off risk. Despite the $17bn order book, bankers believe the asset class will remain in its infancy for some time — and not just because some real money accounts balked at the instrument’s high trigger. Katie Llanos-Small reports.
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German reinsurer Hannover Re demonstrated the depth of investor demand for higher-yielding subordinated paper this week, pricing a €500m tier two bond off a €5.6bn book which traded up to 30bp tighter in the aftermarket and reigned in the rest of its curve by around 15bp.
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The size and demand of Barclays’ $3bn 10 year contingent capital instrument shows there is a broad investor base for these instruments, but bankers are sceptical that many other borrowers are preparing their own transactions.
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Investors rushed into Hannover Re’s existing tier two paper alongside the new subordinated bond it priced on Tuesday, helping the issuer’s curve, and those of some of its peers, to tighten by up to 15bp.
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Abu Dhabi Islamic Bank’s recently issued Basel III compliant hybrid tier one sukuk — the first of its kind — has traded strongly in secondary markets this week, sending an encouraging signal for further supply.
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Investors are showing strong support for Barclays’ contingent capital instrument, with billions of dollars of orders flooding in for the dollar denominated tier two with permanent write-down features.