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ABN Amro is set to open books on at least Eu675m of new euro and dollar tier two bonds on Thursday after completing a near-Eu3bn dual currency sub debt exchange. The Dutch bank, which is barred from calling tier two deals under EU state aid rules, closed its offer to holders of Eu2.8bn across six tier two bonds last night.
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The Co-operative Bank scooped £275m of new 10 year tier two debt on Wednesday after persuading holders to exchange as much as 80% of a euro denominated subordinated bond. Participation came from holders of Eu149.2m of the UK bank’s 2016 tier two note — which was originally a Eu300m issue sold by Britannia Building Society in May 2006, with Eu184m recently outstanding.
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UK insurer Friends Provident tapped sterling real money accounts for £500m of tier two capital on April 15, increasing the deal size after receiving strong demand.
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The Co-operative Bank is taking orders for the new cash element of its lower tier two exchange offer, a sterling denominated tier two issue which is likely to yield 9%-9.25%.
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UK insurer Friends Provident tapped sterling real money accounts for £500m of tier two capital on Friday, increasing the deal size after receiving strong demand.