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Jyske Bank played into the safety-first mentality of year-end issuance in fragile markets with a EUR500m three year inaugural euro senior non-preferred deal last Wednesday that delivered on its commitment to investors, after ...

Jyske successfully delivers EUR500m SNP despite uneasy mart

Market

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Do AT1 trigger levels still make sense? What factors determine whether banks can call AT1s? And how could Brexit affect UK law issuance? Delphine Reymondon, head of the liquidity, leverage, loss absorbency and capital unit, ...

EBA: Triggers, calls & UK law

Q&As

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To go or not to go? That is the increasingly fraught question issuers will be asking themselves in 2019 as macroeconomic and geopolitical uncertainty persists and volatility drives investors’ strategies, according to ...

2019: Primary outlook from CACIB’s FI syndicate

Q&As

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A row between the Italian government and the EU over the peripheral country’s budget and then the climax of the UK’s Brexit negotiations presented issuers and investors with a veritable minefield of events to navigate ...

Brexit, Italy prove too hot to handle as deals suffer

Market

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Munich Re demonstrated its appeal to investors with a twice-subscribed EUR1.25bn Tier 2 trade on 15 November amid market conditions that led to a UK covered bond being pulled, as insurers experienced mixed outcomes in the ...

Rare Munich Re shows strengths amid fall volatility

Market

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ING sold the largest green bond from a European bank on 8 November, a EUR2.6bn equivalent inaugural green senior HoldCo transaction, after Commerzbank had on 16 October chosen the senior non-preferred format for its green ...

ING HoldCo, Commerz SNP hit green highs

Market

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An IASB proposal to reclassify the popular perpetual cumulative corporate hybrid structure as liability has cast a shadow over the primary and secondary markets since its release in June. Here, Véronique Diet Offner, in ...

The end of corporate hybrids?

Focus

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Groupama put the seal on its recovery on 17 September with its first wholly new money transaction since 2009 and its first since its sub debt was returned to investment grade by Fitch last year, in a EUR500m no-grow 10 year ...

Groupama EUR500m sub comeback seals recovery

Q&As

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Moody’s rewarded Portugal’s economic recovery with a return to investment grade in mid-October. In the wake of the positive news, Bank+Insurance Hybrid Capital sought issuer, investor and rating agency views alongside ...

Portugal: Reaping the rewards

Focus

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Rising yields, volatility and risk premia combined with developments in regulation are posing challenges and questions for issuers and investors alike — just as the first wave of AT1 calls arrives. Crédit Agricole CIB and ...

AT1: Evolving dynamics

Focus

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Recent inaugural green senior non-preferred issues could represent the first green steps down the capital stack by financial institutions. Crédit Agricole CIB and Bank+Insurance Hybrid Capital gathered together specialists ...

Greening the capital stack

Focus

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Credit Suisse took advantage of a possibly final pre-summer issuance window to sell a $2bn (EUR1.7bn) Additional Tier 1 (AT1) on 9 July, but demonstrated the underlying unreliable nature of the market by going out with ...

Credit Suisse hits pre-summer window with $2bn AT1

Market