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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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Market pressure was heaped on Spanish savings group Bankia this week, with the lender forced to reassure depositors on Thursday that their cash was safe as the bank’s share price tumbled.
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Cyprus Popular Bank — formerly known as Marfin — made strides this week towards filling a big capital hole ahead of the European Banking Authority’s deadline for a 9% core tier one ratio by the end of June, with a liability management exercise and plans for a rights issue.
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Delta Lloyd Life is meeting investors in the coming days with an eye to a debut subordinated transaction.
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Real money accounts are desperate for financial institution paper — but only from the right names. As volatility continues to rock the markets, European covered bond and senior unsecured bankers tried to deduce issuance prospects in the light of OP Mortgage Bank’s successful trade on Wednesday (see separate story). While some are hopeful, others remain extremely doubtful.
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France’s Crédit Mutuel Arkéa released take up results on its cash tender on a €250m CMS-linked tier one security this week. Investors tendered €135.4m — 54.2% of the deal outstanding — for cash at 60% of par.
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Finland’s OP Mortgage Bank shrugged off an appalling market backdrop and ended a two week covered bond drought with a stellar benchmark trade on Wednesday.