The window for Santander to decide whether to call an AT1 in March had been a date for the diary since the turn of the year, and the Spanish bank duly made history with the first non-call. But the market’s reaction ...
AT1: To call, or not to call?
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Investor scrutiny of call schedules increased further in the wake of Santander’s AT1 non-call, with a CACIB investor survey finding resistance to giving away quarterly optionality for free, although a KBC EUR500m AT1 on 26 ...
Call schedules face closer scrutiny
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In spite of the insurance sector’s attractions, technicals contributed to it underperforming in 2018. Crédit Agricole CIB and Bank+Insurance Hybrid Capital gathered issuers and investors together to find out how ...
Insurance Outlook 2019
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Politics trumps economic fundamentals in the New Year outlook, an investor survey by Crédit Agricole CIB’s FI syndicate has found. But in spite of the volatility Italy and Brexit may bring, the buyside is less bearish ...
CACIB FI syndicate investor survey: Drowning out the noise
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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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