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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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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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