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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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Intesa Sanpaolo launched a liability management exercise with a twist on Thursday afternoon, offering investors in its tier two paper a new five year senior bond and removing the call options from the targeted notes so they would receive capital treatment under Basel III.
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Intesa SanPaolo is offering investors a new five year senior bond in exchange for a targeted €2.5bn equivalent of lower tier two bonds in euro and sterling, all with imminent call dates. It suggested it would not call the targeted bonds because of market conditions.
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Raiffeisen Bank International is issuing €290m of new lower tier two paper, after investors tendered almost 50% of an old upper tier two bond in an exchange offer. The exercise will help minimise loss of capital treatment under Austrian regulation and saves RBI money on a new style tier two issue.
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After more than a year without capital issuance from a peripheral European borrower, UniCredit dived confidently into the market this week, printing €1.25bn of tier two paper and gathering €4.5bn of orders from far and wide.
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Yorkshire Building Society is set to buy back a large chunk of privately placed capital instruments in a liability management exercise to strengthen its capital base. BayernLB and Standard Chartered have also bought back subordinated debt this week — but bankers are divided over the LM pipeline for the rest of 2012.
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Wing Lung Bank wants to become the first Hong Kong lender to tap the dollar bond market this year, making a rare foray into subordinated debt. But bankers do not expect much more from the sector before the end of the year, and think the issuer will aim only for a modest size.