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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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Expectations for subordinated debt and hybrid capital issuance this year have leapt following a European Parliament report proposing that such issues be grandfathered under the capital requirements regulation (CRR I).
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Royal Bank of Scotland bankers have responded with a mixture of resignation, frustration and impatience to leaks about the strategic review of its investment bank. Sources say the bank envisages a maximum of 5,000 job cuts in its investment bank, half the number reported elsewhere this week.
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Market pressure could force Spain’s banks to take upfront provisions of €50bn against non-performing real estate loans — rather than over several years as suggested by the country’s finance minister — analysts and bankers have warned.
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Barclays Bank has structured a capital relief deal on a €5.7bn book of large corporate loans called Papillon 2011-5. The bank has sold part of the 5% first loss piece, retaining the rest of the risk in the form of three credit default swaps between Barclays entities.
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With capital in increasing focus this year, tier one hybrids and the European Banking Authority’s contingent capital securities are being considered by the strongest bank borrowers. But FIG market participants are pessimistic about attempts to change the EBA’s Coco term sheet, and say that most banks will use deleveraging, profit retention and liability management exercises to reach the 9% core capital requirement by the end of June.
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National Bank of Greece is set to increase its core tier one capital by buying back its only covered bond alongside several tier one notes in a tender operation launched on Tuesday morning.