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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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Bank of Bahrain and Kuwait (BBK) has exchanged $129.86m of its $275m lower tier two bond due 2017 for a senior unsecured note due 2018. Of the $275m, $152.43m was outstanding before the exchange.
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Lloyds Banking Group joined the liability management stampede on Thursday with an exchange of nearly £5bn equivalent of tier two securities approaching their call dates for new lower tier two paper.
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EFG International is set to print Europe’s first Basel III compliant tier two securities in exchange for an old note, it revealed on Wednesday.
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Julius Bär Group, the largest private bank in Switzerland, issued its inaugural callable lower tier two note on Tuesday — a Sfr175m 4.5% 10 year non-call five, rated A3 by Moody’s. The borrower is the latest domestic financial institution to jump into a closing regulatory window to issue old-style lower tier two notes.
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The flurry of recently announced bank liability management exercises continued its progress this week, as SNS Bank revealed a €72m core capital gain from its sub for senior exchange and Société Générale extended the final participation deadline on its buyback.
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Banco Financiero y de Ahorros broke with tradition on Monday when it launched a capital generating buyback offer, with no indication of the prices at which it would repurchase the notes.