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Efforts in the past year such as NPL reform and the launch of the Atlante fund raised hopes that alternatives to bail-outs/ins could be found to address capital pressures facing Italian banks — but then Brexit struck. Neil ...

Italy: Pride before a fall?

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The year began inauspiciously, with regulatory pronouncements casting a pall of fear and uncertainty over an AT1 market already spooked by macroeconomic news. We asked leading market participants how they expect key ...

2016: New headwinds hit

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The Dutch Additional Tier 1 market kicked off in January when Rabobank took advantage of long-awaited domestic clarity over treatment of the instrument to open the market. Since then Dutch banks have been active across the ...

Dutch enter new capital era

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The Bail-In Working Group (BIWG) of the International Capital Market Association (ICMA) wrote to the European Central Bank over the summer to set out views on the operation of the bail-in mechanism, notably that the ...

Bail-in: Uninvestable consequences?

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Bond markets have since mid-April been hit by unprecedented volatility – and, in the words of European Central Bank president Mario Draghi, everyone had better get used to it. Here, investors and Crédit Agricole CIB ...

Getting used to volatility

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Philippe Picagne, senior analyst — insurance, at CreditSights, and University Professor, examines the challenges facing the European insurance sector, and explores how Solvency II is affecting their strategies, not least ...

CreditSights: European insurers

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In spite of a clear, early signal of its direction of travel, the German goverment has yet to finalise implementation of the BRRD, in particular details as to how and just which senior unsecured creditors will be ...

BRRD in Germany: key details undecided

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As the details of the Solvency II are fleshed out, Hervé Ekué, partner, Allen & Overy LLP, Paris, offers an overview of Tier 1 issuances under the insurance industry framework. ...

A tool to satisfy capital requirements

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A year ago Nordic banks had yet to issue Additional Tier 1, but 12 months on virtually all the region’s leading players have taken up the capital instrument — whether in euros, dollars or their local currencies. However, ...

Nordic season!

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