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ASR Nederland sold the first Restricted Tier 1 (RT1) instrument in a major currency on 12 October, a EUR300m perpetual non-call 10 transaction that attracted over EUR2.6bn of orders and achieved pricing that market ...

RT1 passes major insurance test in ASR EUR300m hit – plus RT1 FAQ

Market

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The buyside is positioning for sustained strength in subordinated bank bonds in the New Year, according to an investor survey by Crédit Agricole CIB syndicate, with few clouds on the horizon. New German and Italian ...

CACIB investor survey: Game on for FIG in 2018!

From CACIB

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Crédit Logement sold its first CRD IV-compliant subordinated instrument on 21 November as part of a liability management exercise in which it tendered for old Tier 1 and Tier 2 securities, and attracted some EUR1.6bn of ...

Crédit Logement offers rare Tier 2 on back of LM

Market

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The Additional Tier 1 market came of age on 8 November as BBVA launched a new $1bn issue, the proceeds of which could go towards the first refinancing of an AT1 benchmark, while Nordea set a coupon low later in the month to ...

AT1 comes of age with BBVA, Nordea sets record

Market

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Just how tight can the market get? Following some nasty surprises in 2016, markets were at the start of the year nervous about political and geopolitical events bringing an end to the rally in credit markets by ...

Goldilocks and the no bears

Editorial

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From the Banco Popular crisis to a Catalan declaration of independence, Spanish banks have had to navigate a tough few months. But not only have they survived, they have thrived, achieving pricing records while launching ...

Spanish rise to the challenge

Focus

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Crédit Mutuel Arkéa took advantage of exceptional market conditions for Tier 2 debt to sell a EUR500m 12 year non-call seven issue on 18 October that attracted more investors to the credit than ever before, while being ...

Crédit Mutuel Arkéa beats expectations in Tier 2

Market

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Prudential revived the fixed-for-life format for insurers on 17 October with a $750m perpetual non-call 5.25 Tier 2 issue that attracted over $2.5bn of demand, with strong Asian take-up despite the coupon coming inside the ...

Pru $750m revives fixed-for-life, Vivat follows in Reg S

Market

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The first publication of Solvency & Financial Conditions Reports (SFCRs) across the insurance industry has provided a treasure trove of new information for the market to absorb. But has it enriched understanding of ...

Insurance: Big SFCR data

Focus

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Jyske Bank issued its first euro Additional Tier 1 (AT1) on 14 September, a EUR150m (DKK1.12bn) perpetual non-call 10 issue that attracted EUR775m of orders and was priced with the lowest coupon for a euro AT1 from the ...

Size no obstacle as ‘fun’ Jyske euro AT1 first sells out

Market

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BE put gender equality centre stage when it sold the first capital instrument from a financial institution to be in social bond format on 9 November, and the Australian insurer’s US$400m perpetual non-call 7.5 deal ...

QBE: Engendering a social buzz

Focus

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United Overseas Bank (UOB) sold its latest Additional Tier 1 (AT1) transaction outside its domestic currency on 11 October, a US$650m perpetual non-call six transaction that achieved the tightest ever re-offer spread for ...

UOB hits tight, diversifies bid in $650m AT1

Market