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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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Japanese insurance firm Nippon Life will hit the road next week with a view to bringing a 144A and Reg S format tier two bond. The issuer will look broadly for demand, speaking to investors in Asia, Europe and the US, in a series of meetings starting next Monday.
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The European Banking Authority will not relax the 9% core capital ratio that it pushed lenders to reach this year. The Authority revealed the new stance on Wednesday night as it unveiled final results of the temporary crisis-fighting recapitalisation effort.
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FIG issuers are choosing to bide their time in senior unsecured and tier two, staying out of the primary market despite supportive secondary trading and investor demand. Bankers said the market was more balanced than it was during the third quarter, but added that while issuers might have to pay slightly higher new issue premiums than during the recent rally, investors would still be receptive to new deals.
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Erste Group Bank’s €500m follow-up to its dollar Reg S tier two of last week performed strongly in secondary trading on Tuesday, tightening by up to 20bp against Bunds despite an uncertain market backdrop.
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Swiss Life, Switzerland’s largest life insurance company, priced a Sfr300m perpetual hybrid on Monday afternoon.
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Spain’s bank stress test results were met with cautious optimism on Monday morning, as analysts and bankers fretted over the low capital ratio target but praised the stringent testing assumptions.