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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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Equity-linked bankers have been watching Credit Suisse’s $2bn contingent capital issue, which was priced on Thursday, for signs that the deal has attracted traditional convertible bond investors among the 500 names in a $22bn book (see separate story for full deal coverage).
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Investors emphatically endorsed what could turn out to be the bank finance market’s most important deal since the fall of Lehman Brothers, supplying $8.2bn of buffer capital notes (BCNs) to Credit Suisse.
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The scale of demand for Credit Suisse’s closely watched contingent capital bond has defied expectations, with over $22bn raised in the bookbuilding process, prompting senior FIG bankers to declare the Coco asset class fully open for business and one that has a long and exciting future ahead of it.
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Credit Suisse could issue as much as $2bn of buffer capital notes (BCNs) in a Reg S offer, said market participants on Wednesday morning, with one FIG syndicate banker away from the trade saying the lead manager had taken orders for a “massive, massive book”.
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A crucial test of investor demand for "high strike" contingent capital will come this week from Credit Suisse.
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A universe of $600bn of bank subordinated debt could be affected by Moody’s decision to reassess its view of government support for the asset class.