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Market conditions proved exceptional through the end of the first quarter as credit markets retraced the widening they had suffered into the end of 2018, to provide ample opportunities for issuers to launch bank capital ...

Turnaround in outlook sparks AT1 boom

Market

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Coventry Building Society offered a template to more economically manage upcoming calls of Additional Tier 1 last month when it launched a tender offer for an AT1 ahead of its first call and less than five years since its ...

Coventry AT1 tender/new issue promises savings

Market

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Aegon attracted some EUR2.5bn of orders to an inaugural Restricted Tier 1 on 28 March, adding welcome supply to the still-thin RT1 sector, after having postponed the debut in October in less receptive market conditions. ...

Patient Aegon boosts RT1 with inaugural EUR500m

Market

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An inaugural Danske Bank green bond on 12 March allowed it to mitigate concerns over its role in a money-laundering scandal, with the EUR500m no-grow five year non-preferred senior deal priced at a level well inside where a ...

Green bond debut mitigates Danske premium

Market

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Generali started subordinated issuance from insurers with a bang in January when it attracted over EUR5bn of orders to a EUR500m 10 year bullet and achieved its lowest ever coupon on a sub trade, highlighting the attractive ...

Generali bullet starts insurance sub with a bang

Market

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Volksbank Wien on 2 April successfully revived an inaugural AT1 transaction initially scheduled for October 2018, quickly executing a EUR220m perpetual non-call five transaction at 7.75%, a level seen as attractive by ...

Volksbank Wien completes revived EUR220m AT1 debut

Market

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Jyske Bank played into the safety-first mentality of year-end issuance in fragile markets with a EUR500m three year inaugural euro senior non-preferred deal last Wednesday that delivered on its commitment to investors, after ...

Jyske successfully delivers EUR500m SNP despite uneasy mart

Market

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A row between the Italian government and the EU over the peripheral country’s budget and then the climax of the UK’s Brexit negotiations presented issuers and investors with a veritable minefield of events to navigate ...

Brexit, Italy prove too hot to handle as deals suffer

Market

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Munich Re demonstrated its appeal to investors with a twice-subscribed EUR1.25bn Tier 2 trade on 15 November amid market conditions that led to a UK covered bond being pulled, as insurers experienced mixed outcomes in the ...

Rare Munich Re shows strengths amid fall volatility

Market