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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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Spain’s BBVA is offering to swap subordinated debt and preference shares in Unnim Banc into equity at a discount to par value.
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Austria’s Raiffeisen Bank International is likely to wait to launch its Asia-targeted Reg S dollar tier two deal until at least the second half of next week. A jittery market is precluding issuance this week and holidays in Hong Kong and Singapore make the first half of next week problematic.
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Debt capital markets bankers are working on new quasi-capital products to sit between senior unsecured and tier two debt, intended to protect senior bondholders from losses in a resolution or recovery scenario.
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Erste Group Bank’s $500m 10 non-call five year tier two bond traded below par on Wednesday as secondary markets continued several days of widening. But bankers said the deal went well despite the poor aftermarket performance — although most said the planned follow-up tranche in euros might have to wait.
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Russian Standard Bank (RSB) has mandated Goldman Sachs, UBS and VTB for a four-day roadshow with a view to issuing a subordinated dollar deal.
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Austria’s Erste Group Bank is set to price $500m of tier two debt at 6.375% on Tuesday, having kept books open overnight to allow both European and Asian accounts to place orders.