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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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An exuberant rally in Italian hybrids was a headwind to UniCredit’s jumbo buyback offer last week, meaning investors were only prepared to tender a third of the €5.6bn equivalent eligible for repurchase in Italy’s first large scale buyback. At the same time, Crédit Agricole found a nearly 50% take-up on its own jumbo buyback, thanks to a greater number of French precedents.
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UBS is expected to launch a new style, low trigger tier two contingent capital deal as soon as next week, ending speculation over if, or when, it would issue a Coco.
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The European Banking Authority has hit out at suggestions that it would reject up to half the measures in bank recapitalisation plans, calling them “inaccurate and misleading”. The EBA said it had been impressed with banks’ efforts towards meeting the framework it set out in December, to reach a 9% core capital ratio by the end of June.
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Bank liability management is set for a second wind as issuers continue launching deals. Lloyds TSB Bank, Banco Popular Español and Catalunya Banc became the latest on Thursday — and after the Bank of Italy loosened its stance on buybacks and exchanges.
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More dated sub debt deals are on their way, said bankers, after the success of Nordea’s lower tier two issue this week. Some 350 accounts placed more than €4bn of orders for the Swedish bank’s lower tier two bond issue, the first in euros since May 2011.