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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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Commerzbank has agreed to buy back €643m of trust preferred securities, becoming the first German bank to complete a stand-alone cash tender on tier one paper.
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Land Bank of the Philippines is planning to boost its capital base by selling up to Ps10bn ($230m) of subordinated bonds in January. The lender has hired three banks to manage the deal.
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Lloyds Banking Group received submissions of £3bn equivalent — a take-up of 61% — for its lower tier two exchange, which closed on Monday. Dealer managers were Bank of America Merrill Lynch, Deutsche Bank, JP Morgan, Lloyds and UBS.
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Dutch lender ING today opened what could be the last liability management exercise of the year, after a flurry of similar trades from other FIG names. ING has announced a sub to senior exchange and tender targeting notes totalling €5.8bn, at a level that bankers deemed generous.
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Swiss investors’ preference for domestic names and their hunt for yield amid low rates drove more old-style lower tier two transactions this week. Luzerner Kantonalbank priced its inaugural subordinated note, while Raiffeisen Switzerland increased a recent issue of the product by more than a third.
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