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An IASB proposal to reclassify the popular perpetual cumulative corporate hybrid structure as liability has cast a shadow over the primary and secondary markets since its release in June. Here, Véronique Diet Offner, in ...

The end of corporate hybrids?

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Moody’s rewarded Portugal’s economic recovery with a return to investment grade in mid-October. In the wake of the positive news, Bank+Insurance Hybrid Capital sought issuer, investor and rating agency views alongside ...

Portugal: Reaping the rewards

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Rising yields, volatility and risk premia combined with developments in regulation are posing challenges and questions for issuers and investors alike — just as the first wave of AT1 calls arrives. Crédit Agricole CIB and ...

AT1: Evolving dynamics

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Recent inaugural green senior non-preferred issues could represent the first green steps down the capital stack by financial institutions. Crédit Agricole CIB and Bank+Insurance Hybrid Capital gathered together specialists ...

Greening the capital stack

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The differing business models of Danish banking groups have resulted in a matrix of evolving bail-in regulation. But since the country’s MREL and senior non-preferred debt framework was firmed up in March, issuers have ...

Denmark: Danske opens SNP

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Italy still faces economic and political challenges, but has achieved indisputable improvements, write La Banque Postale Asset Management’s Stéphane Déo, strategist, and Stéphane Herndl, senior credit analyst, research ...

Italy: A two-speed banking system despite the macro recovery

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The NPL clean-up underway in Italy is positive, but nuanced and differs across the banking industry, according to Moody’s Alain Laurin, associate managing director, and Edoardo Calandro, senior analyst. Here, they outline ...

Moody’s: Italians respond to pressures

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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

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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

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