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Rabobank will price its $2bn perpetual non-call 5-1/2 year hybrid tier one issue at 8.375% on Wednesday, having attracted more than $6.5bn orders for the deal.
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There is a lot riding on the new Rabobank hybrid tier one. The deal is the first of its kind, with investors set to suffer a permanent write-down of principal if the issuer breaches a certain capital ratio. In spite of its novelty, market participants are hoping it generates enough interest to pave the way for future issuance from the sector.
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Asian private banks were the main buyers of a $550m 7.75% perpetual non-call 5-1/2 year hybrid tier one issue for Prudential that priced last Friday.
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Rabobank is set to be the first issuer to issue a hybrid tier one instrument with permanent write-down features, having mandated Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley and Rabobank for a deal.
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SNS Bank NV plans to bolster its core tier one capital through a liability management exercise. It has offered to buy back two Australian dollar denominated lower tier two securities at 95% of par.
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