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With investors drawing comfort from positive headlines on the health and economic fronts, and supply easing, the recovery in credit markets kicked on last week, allowing Commerzbank, Crédit Agricole and Swiss Re to garner ...

Euro Tier 2s fly on back of renewed rally, as optimism feeds fear of missing out

Market

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Crédit Agricole priced a €750m 10 year non-call five Tier 2 inside fair value on Thursday alongside the launch of a tender for senior preferred debt, taking advantage of the strong market to rebalance its liabilities in ...

CASA rebalances in Tier 2-tender combo

Market

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Allianz launched the first subordinated insurance euro benchmark of the year on Friday, a successful €1bn 30 year non-call 10 Tier 2 that took advantage of a window of opportunity between less propitious days to sate ...

Allianz reopens euro insurance sub debt with successful €1bn

Market

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Bank and insurance hybrid capital issuance is back on the agenda in Europe, largely due to the rapid central bank largesse that has driven a recovery in financial markets. However, the weight of credit market supply has ...

Bank capital emerges from lockdown, but Fed warns even as its support drives market

Market

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The insurance sector’s apparent health entering the crisis has not offered it immunity from the volatility and widening that have struck financial markets, according to André Bonnal, FI syndicate at Crédit Agricole ...

Market ‘wide open’ as insurers outperform banks in rebound

Market

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The primary market roared back to life last week on the back of unprecedented concrete support from central banks and governments to counter the economic and financial markets impact of the coronavirus pandemic. Financial ...

Unprecedented stimuli spur rally, supply surge, but pandemic casts long shadow

Market

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The AT1 market has reached fever pitch, with investors unable to resist the asset class in the lower-for-longer rates environment, meaning record low coupons are there for the taking for those issuers ready to seize the ...

Italians lead AT1 charge as insatiable demand drives asset class to new heights

Market

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Santander on Thursday moved to refinance a €1.5bn 5.481% Additional Tier 1 issue and saw its strategy deliver big savings as clear and consensual execution helped it attract over €10bn of demand to a €1.5bn perpetual ...

Santander strategy pays off as blow-out €1.5bn AT1 reopener delivers refi savings

Market

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A €5bn book for an inaugural, €750m RT1 from Ageas on 3 December showed the subordinated insurance sector to be in surprisingly fine fettle going into year-end, as a flurry of deals provided a welcome late encore to the ...

Ageas shows strong insurance bid into year-end

Market