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The window for Santander to decide whether to call an AT1 in March had been a date for the diary since the turn of the year, and the Spanish bank duly made history with the first non-call. But the market’s reaction ...

AT1: To call, or not to call?

Focus

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The European Banking Authority’s Q4 2018 Risk Dashboard, published on 29 March, showed 2018 to have been a difficult year for capital generation for the European banking system as a whole, as evidenced by the decreasing ...

European banks: Headwinds limit capital build in 2018, more to come

From CACIB

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Market conditions proved exceptional through the end of the first quarter as credit markets retraced the widening they had suffered into the end of 2018, to provide ample opportunities for issuers to launch bank capital ...

Turnaround in outlook sparks AT1 boom

Market

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Coventry Building Society offered a template to more economically manage upcoming calls of Additional Tier 1 last month when it launched a tender offer for an AT1 ahead of its first call and less than five years since its ...

Coventry AT1 tender/new issue promises savings

Market

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Aegon attracted some EUR2.5bn of orders to an inaugural Restricted Tier 1 on 28 March, adding welcome supply to the still-thin RT1 sector, after having postponed the debut in October in less receptive market conditions. ...

Patient Aegon boosts RT1 with inaugural EUR500m

Market

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An inaugural Danske Bank green bond on 12 March allowed it to mitigate concerns over its role in a money-laundering scandal, with the EUR500m no-grow five year non-preferred senior deal priced at a level well inside where a ...

Green bond debut mitigates Danske premium

Market

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After a defensive start to the year against an unfriendly backdrop, Crédit Agricole moved quickly to hit windows as they appeared when the market turned bullish, and exceeded expectations in the first quarter. Olivier ...

Crédit Agricole: Hitting the Q1 windows

Case Studies

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Banco Bilbao Vizcaya Argentaria took advantage of the improvement in market conditions in the first quarter to attract strong demand for AT1, Tier 2 and senior non-preferred at minimal new issue premiums. Bank+Insurance ...

BBVA: Capital strategy rewarded

Q&As

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Supported by the fruits of its Transform 2019 plan and pan-European message, UniCredit has recently underlined its broad market access in a series of TLAC-driven trades, attracting over $20bn of orders to $10bn of deals in ...

UniCredit: Progress story gets global buy-in

Q&As

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Generali started subordinated issuance from insurers with a bang in January when it attracted over EUR5bn of orders to a EUR500m 10 year bullet and achieved its lowest ever coupon on a sub trade, highlighting the attractive ...

Generali bullet starts insurance sub with a bang

Market

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Analysis by Crédit Agricole CIB shows that the varied methodologies used by insurance companies to calculate financial leverage ratios make significant differences to the ratios they communicate. However, Michael Benyaya ...

Insurers’ financial leverage ratios: Well adjusted?

From CACIB

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Investor scrutiny of call schedules increased further in the wake of Santander’s AT1 non-call, with a CACIB investor survey finding resistance to giving away quarterly optionality for free, although a KBC EUR500m AT1 on 26 ...

Call schedules face closer scrutiny

Focus