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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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Munich Re wrapped up its tier two management exercise on Friday, hitting a 39% take-up on its buyback after selling a new dual tranche issue on Wednesday.
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After its no-price buyback late last year, Banco Financiero y de Ahorros came back for a second pass at a cash tender on tier one and tier two securities this week.
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Unimpressed by investment banks’ ideas on insurance capital, Swiss Re this week printed an unusually structured $750m capital deal that it designed in-house. It is unlikely to be the last — the reinsurance company has said it had more ideas for innovative hybrids up its sleeve.
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An overwhelming investor response led Credit Suisse to increase the buyback cap on its cash tender offer this week, saying it would purchase up to Sfr4.75bn of tier one and tier two securities.
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Hefty oversubscription has allowed Swiss Re and Munich Re to bring in pricing substantially from initial guidance levels. Swiss Re is set to size its innovative perpetual capital instrument at $750m early on Thursday afternoon, a day after Munich Re printed a dual tranche €900m and £450m 30 year non-call 10 trade.
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Bankers away from Macquarie Bank’s hybrid tier one bond say the deal could be $250m in size and to come at the wide end of guidance, to yield 10.25%.