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Deutsche Kreditbank (DKB) became the first bank to sell a euro-denominated senior preferred bond at a negative yield on Monday, after attracting €1.2bn of orders to a €500m five year issue that is the first deal to be ...

DKB breaks senior preferred negative yield ‘taboo’ with GBS first

Market

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The euro primary market last week recovered from a lacklustre opening, with financial institutions now able to take advantage of a severe supply-demand imbalance and benign conditions, and subordinated instruments finding ...

Primary execution improves after subdued New Year start, as supply collapse hits home

Market

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The US dollar market proved attractive for Yankee and US banks alike in the opening weeks of the year, with FIG issuance far exceeding supply in euros and funding levels proving more competitive across the capital structure. ...

Dollar market goes from strength to strength despite USTs sell-off

News in brief

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Abanca opened the euro subordinated space for 2021 with its second AT1 on 7 January, a €375m perpeutal non-call 5.5 trade that attracted over 200 accounts and achieved pricing inside fair value. Alberto de Francisco ...

‘Remarkable’ result buoys early bird Abanca

News in brief

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Vaccines look set to offer the world a way out of the pandemic, but the damage wrought by Covid-19 should ensure monetary and fiscal support persist. How will banks and AT1 fare in light of this and the regulatory response ...

2021: A new hope

Focus

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Crédit Agricole CIB hosted a web conference themed “Banking turbulences in a Covid world: the regulatory angle”, with delegates hearing from European Central Bank (ECB) supervisory board member Edouard Fernandez-Bollo, ...

Banking turbulences in a Covid world: ECB, SRB & EBA on supervisory priorities

Focus

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Bank of East Asia (BEA) issued an almost five times subscribed $650m perpetual non-call five AT1 yesterday (Wednesday), in the latest sign the Asian market is again proving conducive to bank capital after a bout of ...

Bank of East Asia confirms renewed Asian AT1 strength

Market

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Nykredit and Crédit Agricole hit the euro AT1 market last week and found conditions even more advantageous than expected, with supply dynamics and relief measures underpinning demand, even if second wave and political risks ...

Euro AT1s prove hits for Nykredit, CASA, as investors overcome cautious edge to pile in

Market

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Unseasonably low September supply has only served to boost the prospects of those banks ready to approach the euro market with carefully crafted capital trades, with investors continuing to see value in the sector as crisis ...

Long duration, no-grow Commerz AT1 shows favourable dynamics of supply-starved euros

Market

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The subordinated financial institutions market this week enjoyed a last hurrah ahead of the summer lull, with banks and insurers keen to take advantage of the levels on offer, even if they had to make do with smaller books ...

Financial institutions find slimmer pickings in last minute pre-summer capital deals

Market

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The outlook for credit markets is finely balanced after a week in which exuberance gave way to anxiety — but not before ABN Amro, Commerzbank and Nationwide smartly walked away with Additional Tier 1 transactions that ...

AT1s take off after NFP shock, but credit markets quickly come back down to earth

Market

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Zurich Insurance launched a 30.25 year non-call 10.25 subordinated transaction into the toppish market on Tuesday, but was able to come away with an upsized €750m trade priced flat to fair value that held its own in the ...

Zurich rides out deteriorating market to score €750m success

Market