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On 23 September, Generali reinforced its sustainability push by issuing the first green bond from a European insurer. The landmark trade was the finale to a liability management exercise that helped the Italian insurer ...

Generali hits targets with green first

Q&As

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Generali became the first European insurer to issue a green bond on 23 September, a €750m 11 year Tier 2 deal launched in conjunction with a tender for €1bn-equivalent of outstanding subordinated debt, and the landmark ...

Generali green insurance first boosted by sub tender

Market

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Zurich Insurance issued the longest ever senior bond from a European insurance company on 11 June, a EUR500m 20 year deal launched on the back of investors’ search for yield, whose impact was also felt in insurers’ ...

Zurich in senior record, insurers set to get funky

Market

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2019 was going to be all about quantitative tightening, right? Wrong! QE is back on the agenda in a big way, with Christine Lagarde’s forthcoming arrival as new ECB president helping reboot the bond market rally. With ...

QE is dead! Long live QE!

Focus

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Italian banks raised more from senior through to AT1 bonds in June and July than in the whole of 2018, as Europe-wide, national and issuer-specific positives combined to allow them the flexibility to issue at attractive ...

Italians hit the market while the sun shines

Market

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Commerzbank launched its long-awaited debut AT1 on 2 July and attracted some $11bn of orders to the $1bn perpetual non-call April 2025 deal, with regulatory developments, the issuer’s credit story and market conditions ...

Inaugural Commerzbank $1bn AT1 worth the wait

Market

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Cinemagoers could be forgiven for feeling a degree of fatigue in the face of Hollywood’s obsession with remakes, reboots and sequels, and financial market participants likewise. ...

APP: The Sequel

Editorial

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Regulatory updates from CACIB DCM solutions

Regulation & ratings

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Kookmin Bank (KB) sold its first Additional Tier 1 on 25 June, a $500m (KRW593bn) perpetual non-call five transaction that attracted some $2.7bn of orders, and did so under the guise of its sustainable financing framework, ...

KB debuts in AT1 under sustainability framework

Market

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S&P on 1 July released updated criteria for the insurance sector and hybrids, with insurers’ issuance most impacted by the latter. Dennis Sugrue, senior director and insurance sector lead, S&P Global Ratings, ...

S&P: Insurers centre stage in criteria updates

Q&As

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Landesbank Baden-Württemberg issued its third green bond in just over two months on 17 July, a EUR500m no-grow seven year senior non-preferred issue priced flat to where the German bank sold a EUR750m five year SNP ...

LBBW in quick green SNP return as levels tighten

Market

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On 9 July, APRA announced ALAC requirements under which Australia’s big four have to raise some A$50bn of additional Tier 2 by 2024. Less than a week later, Westpac opened the new subordinated innings with a US$2.25bn ...

Westpac: Tier 2 opens ALAC test with a bang

Q&As