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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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France’s BPCE generated around €380m of core equity capital by repurchasing €1.1bn of hybrid securities below par in a liability management exercise this week.
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In one swift — and unexpected — move, the European Banking Authority re-established the legitimacy of contingent capital late on Wednesday night when it indicated that, under certain conditions, instruments would be eligible for inclusion within its new 9% capital requirement for European banks.
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Despite European leaders’ call for banks not to cut lending to meet new capital requirements, some market participants say deleveraging will play a role. Morgan Stanley analysts on Friday morning predicted some €2tr of deleveraging over the next 18 months.
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A flurry of announcements from Europe's banks on Thursday morning made it clear that the continent's financial sector will not be raising the €106bn of fresh capital that was envisaged by an overnight statement from the European Banking Authority in the wake of the Grand Plan summit of EU leaders.
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Contingent capital could be set for a comeback after European leaders gave the instruments a boost in their Grand Plan announced on Thursday. But FIG specialists say banks will look at a range of routes to meet the new capital requirements — which come alongside a reminder that this should be achieved without compromising lending to the real economy (see separate story for coverage of individual banks' capital requirements).