post image
Allianz launched the first subordinated insurance euro benchmark of the year on Friday, a successful €1bn 30 year non-call 10 Tier 2 that took advantage of a window of opportunity between less propitious days to sate ...

Allianz reopens insurance sub debt with successful €1bn

Market

post image
Bank and insurance hybrid capital issuance is back on the agenda in Europe, largely due to the rapid central bank largesse that has driven a recovery in financial markets. However, the weight of credit market supply has ...

Bank capital emerges from lockdown, but Fed warns even as its support drives market

Market

post image
The ECB’s comprehensive and diversified response to the Covid-19 crisis has proven effective in providing relief in the sovereign, corporate and banking spheres, and the central bank appears ready to act further, says ...

ECB tools effective, but Eurozone differences must be addressed

From CACIB

post image
Insurers have weathered the initial impact of the Covid-19 pandemic, but second round effects could put pressure on solvency ratios. Neil Day surveys the industry’s health, with insights from Crédit Agricole CIB’s ...

Insurers pass initial test of resilience, but unknowns could impact solvency ratios

Focus

post image
The insurance sector’s apparent health entering the crisis has not offered it immunity from the volatility and widening that have struck financial markets, according to André Bonnal, FI syndicate at Crédit Agricole ...

Market ‘wide open’ as insurers outperform banks in rebound

Market

post image
The primary market roared back to life last week on the back of unprecedented concrete support from central banks and governments to counter the economic and financial markets impact of the coronavirus pandemic. Financial ...

Unprecedented stimuli spur rally, supply surge, but pandemic casts long shadow

Market

post image
Financial markets’ capitulation in the face of the coronavirus has proven a reality check for the Additional Tier 1 market, with prices collapsing after a booming start to the year. Here, issuers, investors and Crédit ...

AT1: Reality check

Focus

post image
The AT1 market has reached fever pitch, with investors unable to resist the asset class in the lower-for-longer rates environment, meaning record low coupons are there for the taking for those issuers ready to seize the ...

Italians lead AT1 charge as insatiable demand drives asset class to new heights

Market

post image
A €400m AT1 debut from UBI Banca on 13 January attracted more investors than any previous bond issue from the Italian bank, as some 450 accounts placed in excess of €6bn of orders. Head of funding Giorgio Erasmi shared ...

UBI AT1 debut attracts €6bn bid as stars align

Q&As

post image
Santander on Thursday moved to refinance a €1.5bn 5.481% Additional Tier 1 issue and saw its strategy deliver big savings as clear and consensual execution helped it attract over €10bn of demand to a €1.5bn perpetual ...

Santander strategy pays off as blow-out €1.5bn AT1 reopener delivers refi savings

Market

post image
A €5bn book for an inaugural, €750m RT1 from Ageas on 3 December showed the subordinated insurance sector to be in surprisingly fine fettle going into year-end, as a flurry of deals provided a welcome late encore to the ...

Ageas shows strong insurance bid into year-end

Market

post image
“Time for Action” has been the theme of COP25, but the omens were negative from the start, with unrest in host country Chile resulting in a late relocation to Madrid. The battle ahead was perhaps most aptly demonstrated ...

#TimeForAction

Editorial