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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

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Dutch Additional Tier 1 prices were temporarily hit on 2 July as news emerged that, following a European Commission ruling, they will lose tax deductibility from 1 January 2019. They soon recovered as issuers announced they ...

Dutch AT1 recover after tax status undermined

Market

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Caixa Geral de Depósitos (CGD) successfully completed a recapitalisation plan embarked upon last year with the execution of a EUR500m 10 year non-call five Tier 2 deal on 21 June, overcoming volatile markets to price its ...

CGD T2 completes recap despite intra-day volatility

Market

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CNP Assurances sold the first benchmark Restricted Tier 1 in euros on 20 June, a EUR500m perpetual non-call 10 instrument that, together with a EUR300m RT1 for Vivat, showed the new insurance asset class to be gaining ...

CNP sells first EUR500m RT1, Vivat joins market

Market

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Nordea issued the first senior non-preferred debt out of Sweden on 15 June ahead of its re-domiciliation to Finland in October, attracting more than EUR3.25bn of demand to its EUR1bn five year after moving quickly to take ...

Nordea in Swedish-Finnish contractual SNP debut

Market

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BBVA and KBC sold green senior non-preferred and green HoldCo debuts in May and June, respectively, after BNP Paribas in April issued the first green senior non-preferred bond, with the success of the three deals deemed ...

Green SNP and HoldCo debuts outdo conventionals

Market

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The differing business models of Danish banking groups have resulted in a matrix of evolving bail-in regulation. But since the country’s MREL and senior non-preferred debt framework was firmed up in March, issuers have ...

Denmark: Danske opens SNP

Focus

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Investors are underestimating the risks that accompany the shift from an era of quantitative easing to quantitative tightening, according to David Riley, chief investment strategist at BlueBay Asset Management, who says ...

BlueBay: Beware risks of QT

Q&As

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New issue premiums rose sharply and oversubscription levels shrank as the credit markets hit an inflection point in mid-March, but as oversupply and volatility eased into April, bright spots in AT1 held out the promise of a ...

Hope, but less fantasy after March inflection point

Market

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The execution and performance of a EUR1bn 12 year non-call seven Tier 2 issue for CaixaBank on 10 April raised hopes that volatility and spread widening that had inflicted the market since mid-March could finally be coming ...

CaixaBank offers succour to Tier 2 after widening

Market