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Peripheral credits such as Banco Sabadell and Intesa Sanpaolo made hay of strong conditions that followed the first and second round victories of Emmanuel Macron in the French presidential election in May, as the political ...

Peripherals ride relief rally as Macron pierces gloom

Market

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In the early morning hours of 7 June joint statements from the European Central Bank, Single Resolution Board and European Commission announced the decision that Banco Popular Español had been determined as “failing or ...

After Popular test, investors ask: what recovery value?

Market

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The new market for senior non-preferred debt has developed quickly since its opening in December. European Commission plans for a common instrument and ECB interventions have meanwhile both helped and complicated progress. ...

Senior non-preferred: Defining moments

Focus

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A EUR1bn debut Additional Tier 1 issue for CaixaBank on 1 June showed the AT1 market to be in rude health, attracting more than EUR3.3bn of demand despite coming a day after fears about compatriot Banco Popular Español ...

CaixaBank shrugs off Popular woes to score AT1 debut

Market

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Four years after a Spanish bank launched the first Additional Tier 1, another has brought the market full circle. While it may have been a surprise for BBVA to open the market in 2013, it is not wholly unexpected that the ...

AT1 is dead! Long live AT1!

Editorial

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Swedbank on 15 May sold the first sub-100bp Tier 2 trade since the collapse of Lehman Brothers, a EUR650m 10.5NC5.5 deal priced at 82bp over mid-swaps — over 30bp tighter than what had been the previous Tier 2 tight for ...

Swedbank hits Tier 2 tight in heady conditions

Market

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Crédit Agricole surprised the market in March by becoming the first French bank not to call a perpetual hybrid Tier 1 instrument, in line with increasingly economic bases for such decisions in Europe, but softened the ...

CASA innovates with new combined LM offer

Market

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Spain could take over the initiative from the European Commission and introduce national senior non-preferred (SNP) legislation ahead of the summer break, with the introduction of such debt featuring in a broader draft law ...

Draft Spanish SNP law emerges after Santander deal

Market

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Despite only having been opened at the tail-end of 2016, the senior-non preferred matured quickly in 2017, as issuers sought to diversify and optimise their use of the new instrument in a variety of maturities, currencies ...

Senior non-preferred menu expands quickly in 2017

Market

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Skandinaviska Enskilda Banken (SEB) took advantage of a strong post-FOMC market to attract some $3bn of demand to a $600m perpetual non-call five Additional Tier 1 on 16 March, its first AT1 transaction in over two years. ...

SEB speeds to $3bn book for $600m AT1 return

Market

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Sweden’s final MREL framework means the country’s banks again face stiffer requirements than elsewhere, prompting a latest clash with the regulatory authorities. The next step is the creation of instruments to meet the ...

Sweden: The MREL smoke clears

News in brief

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Caixa Geral de Depósitos in March completed possibly the most anticipated Additional Tier 1 issue of the past year, in a deal that was key to unlocking an EC-agreed recapitalisation and restructuring plan, and which ...

CGD: AT1 unlocks the future

Q&As