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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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Six more financial institutions piled into the year-end rush for liability management exercises this week, with Banco BPI, Barclays Bank, Banque Fédérative du Crédit Mutuel, Commerzbank, Wells Fargo Bank and Yorkshire Building Society announcing deals.
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Banco Financiero y de Ahorros created around €260m of capital in an innovative, un-priced modified Dutch auction buyback this week, but liability management specialists away from the deal were unconvinced about the strategy used.
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BNP Paribas and Société Générale booked small gains towards their core capital ratios after wrapping up liability management exercises on December 2.
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Debt exchanges have become crucial for financial institutions after the European Banking Authority on Thursday night laid down stringent rules on how Europe’s 70 largest lenders are to source the €115bn they need to meet the EU’s 9% temporary core capital ratio by next June.
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Espírito Santo Financial Group said on Friday it had used around three-quarters of its spending cap on a tender offer for a €500m issue of bonds and warrants.
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Commerzbank became the first German bank to offer a cash tender on tier one paper this week, when it offered to buy back trust-preferred securities at deep discounts to par to generate capital.