Nomura
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Subordinated debt investors are scrambling to understand what the collapse of US hedge fund Archegos will mean for Credit Suisse. A heavy loss would undermine the bank’s capital cushion, which protects its additional tier one coupons. -
CNP Assurances found favourable pricing in dollars this week, when it ventured into the Reg S market for its second sale of restricted tier one (RT1) capital.
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The Hong Kong Stock Exchange has had a stellar week, hosting two secondary listings worth about $6bn in total in quick succession. The latest out of the gate is Chinese video sharing and gaming platform Bilibili, which kicked off a potential $3bn float within hours of internet giant Baidu wrapping up its multi-billion-dollar deal. Jonathan Breen reports.
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Two Chinese companies sold dollar bonds on Wednesday as the rest of the market hit pause to await the outcome of the Federal Open Market Committee meeting.
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Chinese internet giant Baidu has met with a rapid flood of early demand for its Hong Kong secondary offering, which is expected to raise around $3bn.
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Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.
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NRW.Bank will be the next public sector borrower to hit the sterling market following an improved funding cost in the currency versus euros and dollars.
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Leeds Building Society returned to the senior sterling market on Tuesday after more than a decade away. It was its first foray into the non-preferred format, which will help it build up its buffers over its minimum requirements for own funds and eligible liabilities (MREL).
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CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.
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Leeds Building Society is preparing to return to the sterling market this week for its first ever sale of non-preferred senior debt. The new bond will help the issuer refinance a euro deal maturing later this year, while reshaping its balance sheet for the minimum requirements for own funds and eligible liabilities (MREL).
