“The market has become more reliable and sustained than we saw historically as wealth grows in the region and investors develop a better understanding of the products.”

“The success of the trade and the demand from private banks reiterates that the Reg S US dollar market has become a very important source of hybrid capital for issuers,” said Keval Shah, head of FIG syndicate at Citi. Zurich Insurance was the latest issuer to turn to this market this week, pricing the first hybrid trade from a European financial institution in 2012 and following in the footsteps of the likes of Rabobank, Credit Suisse and Nomura which all turned to this market in 2011 for deeply subordinated issues. Market participants believe this will probably remain a strong theme in 2012 as demand from institutional investors in Europe is at best anemic and in some case non-existent, particularly for new style hybrid capital. LONDON, Jan 13 (IFR) - The dollar Reg S market continued to cement its position as a key avenue for financial institutions seeking to raise hybrid capital this week when two borrowers attracted more than USD11.25bn of orders from various private banks networks.īanco do Brasil priced the first ever Basel 3 compliant hybrid Tier 1 from the Latin America region that attracted more that USD7bn of demand for a USD1bn deal from European and Asian retail investors while Zurich Insurance attracted USD4.25bn of orders for a USD500m perpetual non-call six-year issue.

Data rescue 3 coupon