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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

Focus

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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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After a year of two halves, Bank+Insurance Hybrid Capital surveyed leading players in the hybrid market, primarily on the buy-side, to find out what lessons can be learned from the highs and lows of 2014, and what they ...

2014 Review – 2015 Outlook

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As issuance volumes in Asia gain momentum, Fitch Ratings explores some recent developments and likely future trends relating to Basel III capital securities in three key markets: China, India and South Korea. ...

Asia: Momentum builds as regulations evolve

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Investors in hybrid capital instruments face increasing bail-in risk as regulators around the world expand their toolkits for dealing with future bank failures. Increased bail-in risk is what’s behind Standard & ...

S&P: Increasing bail-in risk drives change

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The corporate hybrid market has grown up since the crisis, attracting a broader range of credits. Here, Jonathan Blondeau, DCM, capital structuring & liability management at Crédit Agricole CIB, explores its evolution. ...

Corporate hybrids: Coming of age

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Germany’s Bayer on 25 June launched the largest euro hybrid bond transaction, a Eu3.25bn dual tranche deal, as part of a major acquisition financing. In doing so, it returned to an instrument it previously issued in 2005. ...

Bayer: Lighting up the market

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EDF has launched some of the largest hybrid transactions in the market. Here, Carine de Boissezon, senior vice president, investors and markets at EDF, discusses what makes the hybrid instrument attractive to the company, ...

EDF: Hybrid landmarks

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The non-financial hybrid market enjoyed something of a renaissance in 2013, with conditions proving just right for issuers and investors alike. The technicals of the instrument have been the main concern for investors in the ...

Corporate hybrids: Relative value

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