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Among the fundamental characteristics intuitively attributed to a hybrid instrument, a correlation with related equity performance is one of the most oft-cited. But while a strong correlation with share prices may appear ...

Demystifying equity and AT1 correlation

From CACIB

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The ECB’s comprehensive and diversified response to the Covid-19 crisis has proven effective in providing relief in the sovereign, corporate and banking spheres, and the central bank appears ready to act further, says ...

ECB tools effective, but Eurozone differences must be addressed

From CACIB

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After a surprising 2019, what does the year ahead hold in store for euro credit markets, notably bank debt? Vincent Hoarau, head of FI syndicate at Crédit Agricole CIB, suggests that geopolitical developments hold risks for ...

Complacency a key risk to primary in 2020

From CACIB

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The half year and Q3 2019 results of European insurance companies again (after the 2016 episode) revealed the volatile nature of the Solvency 2 framework. Several companies reported a sharp drop in the S2 margin and the ...

Insurers’ results reveal S2 headwinds, more to come

From CACIB

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The message behind Mario Draghi’s parting package will be as important going forward as the measures themselves, argues Crédit Agricole CIB Eurozone economist Louis Harreau. Here, he analyses their impact on bond markets, ...

ECB: The Handover of Power

From CACIB

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The European Banking Authority’s Q4 2018 Risk Dashboard, published on 29 March, showed 2018 to have been a difficult year for capital generation for the European banking system as a whole, as evidenced by the decreasing ...

European banks: Headwinds limit capital build in 2018, more to come

From CACIB

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Analysis by Crédit Agricole CIB shows that the varied methodologies used by insurance companies to calculate financial leverage ratios make significant differences to the ratios they communicate. However, Michael Benyaya ...

Insurers’ financial leverage ratios: Well adjusted?

From CACIB

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Michael Benyaya, DCM solutions, Crédit Agricole CIB, highlights key factors for insurers considering whether RT1 issuance is appropriate, as well as rating agency approaches to the instrument and differences to bank ...

Rationale for issuing RT1

From CACIB

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The buyside is positioning for sustained strength in subordinated bank bonds in the New Year, according to an investor survey by Crédit Agricole CIB syndicate, with few clouds on the horizon. New German and Italian ...

CACIB investor survey: Game on for FIG in 2018!

From CACIB