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Crédit Agricole CIB hosted a web conference themed “Banking turbulences in a Covid world: the regulatory angle”, with delegates hearing from European Central Bank (ECB) supervisory board member Edouard Fernandez-Bollo, ...

Banking turbulences in a Covid world: ECB, SRB & EBA on supervisory priorities

Focus

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Bank of East Asia (BEA) issued an almost five times subscribed $650m perpetual non-call five AT1 yesterday (Wednesday), in the latest sign the Asian market is again proving conducive to bank capital after a bout of ...

Bank of East Asia confirms renewed Asian AT1 strength

Market

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Nykredit and Crédit Agricole hit the euro AT1 market last week and found conditions even more advantageous than expected, with supply dynamics and relief measures underpinning demand, even if second wave and political risks ...

Euro AT1s prove hits for Nykredit, CASA, as investors overcome cautious edge to pile in

Market

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Unseasonably low September supply has only served to boost the prospects of those banks ready to approach the euro market with carefully crafted capital trades, with investors continuing to see value in the sector as crisis ...

Long duration, no-grow Commerz AT1 shows favourable dynamics of supply-starved euros

Market

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The subordinated financial institutions market this week enjoyed a last hurrah ahead of the summer lull, with banks and insurers keen to take advantage of the levels on offer, even if they had to make do with smaller books ...

Financial institutions find slimmer pickings in last minute pre-summer capital deals

Market

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The outlook for credit markets is finely balanced after a week in which exuberance gave way to anxiety — but not before ABN Amro, Commerzbank and Nationwide smartly walked away with Additional Tier 1 transactions that ...

AT1s take off after NFP shock, but credit markets quickly come back down to earth

Market

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Zurich Insurance launched a 30.25 year non-call 10.25 subordinated transaction into the toppish market on Tuesday, but was able to come away with an upsized €750m trade priced flat to fair value that held its own in the ...

Zurich rides out deteriorating market to score €750m success

Market

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Crédit Agricole sold its first callable dollar senior non-preferred issue on Tuesday, a $1.5bn (€1.32bn) trade launched after it bought back some €3.3bn of senior preferred debt across euros, sterling and US dollars and ...

Crédit Agricole $1.5bn SNP hit a coda to tender, Tier 2

Market

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Moves to target Additional Tier 1 coupons are ill-conceived and counterproductive, argue CACIB’s FI team, threatening an option that can help banks contribute to the recovery just as supportive market conditions and the ...

MEPs’ AT1 coupon cancellation proposals raise remote but serious risk to product

Market

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Swiss Re became only the second insurer this year to sell a subordinated euro benchmark when it issued an €800m 32 year non-call 12 Tier 2 on Wednesday. Daniel Bell, head of funding at Swiss Re, discusses the issuer’s ...

Swiss Re €800m Tier 2 timing ‘vindicated’ by demand, spread

Market

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With investors drawing comfort from positive headlines on the health and economic fronts, and supply easing, the recovery in credit markets kicked on last week, allowing Commerzbank, Crédit Agricole and Swiss Re to garner ...

Euro Tier 2s fly on back of renewed rally, as optimism feeds fear of missing out

Market

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Among the fundamental characteristics intuitively attributed to a hybrid instrument, a correlation with related equity performance is one of the most oft-cited. But while a strong correlation with share prices may appear ...

Demystifying equity and AT1 correlation

From CACIB