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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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Two capital transactions from insurers could be in the market as soon as next week, with Munich Re and Swiss Re announcing roadshows in Europe and Asia respectively.
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Europe’s banks are hoping for clarity on hybrid capital in the coming weeks, with a consultation that will bring them much closer to being able to issue new style tier one securities with confidence. Among the rush of details expected from the European Banking Authority on bank capital, rules on temporary principal write-down are the most hotly anticipated element. EuroWeek’s Katie Llanos-Small spoke to bankers, investors and issuers across the bank capital market this week about how write-down/write-up structures will work — and who will buy them.
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Dexia Credit Local hit a 92% take-up rate on an offer to buy back a tier one at less than a quarter of par value, it announced on March 15. Investors tendered €643.8m of the €700m tier one note that was eligible for buyback at 24% of par.
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Europe’s banks could return to selling tier one securities as soon as the second quarter, as regulatory fine-tuning on hybrid capital instruments nears its end, bankers said this week.
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Royal Bank of Scotland announced a 58% take-up on its Australian dollar tier two swap on March 9, as the lender’s new euro and dollar securities rallied strongly.