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Belfius Bank inaugurated Belgian senior non-preferred debt with a Eu750m five year deal on 5 September that attracted EUR2.3bn of demand from 150 investors. Ellen Van Steen, head of long term funding at Belfius, discusses ...

Belfius EUR750m inaugurates Belgian senior non-preferred

Q&As

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How are investors positioned and what do they want going into the autumn reopening? Such questions were central to an inaugural survey by Crédit Agricole CIB syndicate conducted in the wake of unprecedented action to tackle ...

CACIB survey: Investors primed for SNP

Focus

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Bankia on 6 July launched its inaugural Additional Tier 1 and the first Spanish AT1 since Banco Popular sub debt was wiped out a month earlier, a EUR750m deal that achieved tight pricing on the back of as much as EUR3.5bn of ...

Bankia AT1 debut flies in post-Popular test, CaixaBank in T2

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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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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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