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UK insurer Friends Life tightened the pricing of its debut Asian dollar Reg S tier two deal on Thursday, printing $575m of perpetual non-call six paper at a yield of 7.875%. Bankers said the deal underlined the strength of demand for high yielding paper among Asian high net worth investors, although some felt it had been helped along by pricing that was too generous.
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UK insurer Friends Life opened books on its perpetual non-call six dollar Reg S tier two bond on Wednesday, having spent the past two days on investor calls with accounts in Asia and Europe. Bankers thought the price was generous but fair, given that the issuer is new to the Asian private banking community.
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BBVA is set to book an estimated capital gain of €107m after buying back €691.7m of lower tier two debt in a liability management exercise. This figure represents the repurchase of non-consent securities only, so the final amount, which will be revealed once bondholder syndicates have approved the repurchase of the two consent securities, is likely to be larger.
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Hong Kong lender Wing Lung Bank raised $200m from its first foray into the international bond market last week. The lower tier two offering is expected to be one of the last old-style bank capital deals in Asia, which helped the bookrunners to build a $1.5bn order book.
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UK life insurer Friends Life is set to print a dollar tier two capital issue this week. It will become the latest FIG issuer to tap the Asian private banking community, which has soaked up supply from several banks over the past three or four months and more recently, from fellow life assurers CNP Assurances and Nippon Life.
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European tier two capital securities dropped by up to three points in price on Monday as investors digested Intesa Sanpaolo’s decision to remove the call options from the €2.6bn of tier two bonds it is targeting in a liability management exercise announced last Thursday.