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Despite only having been opened at the tail-end of 2016, the senior-non preferred matured quickly in 2017, as issuers sought to diversify and optimise their use of the new instrument in a variety of maturities, currencies ...

Senior non-preferred menu expands quickly in 2017

Market

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Skandinaviska Enskilda Banken (SEB) took advantage of a strong post-FOMC market to attract some $3bn of demand to a $600m perpetual non-call five Additional Tier 1 on 16 March, its first AT1 transaction in over two years. ...

SEB speeds to $3bn book for $600m AT1 return

Market

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Crédit Agricole launched the first issue of the new class of French senior non-preferred debt on 13 December, a Eu1.5bn 10 year issue that came just two days after the respective law was promulgated and three weeks after ...

CASA primes EU-wide senior non-preferred mart

Market

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Financial institutions issuance enjoyed an unprecedentedly buoyant year-end in 2016, with a trio of European issuers selling Additional Tier 1 (AT1) instruments in a variety of formats, and 2017 is also expected to open with ...

Expectations high after year-end upside surprise

Market

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Skandinaviska Enskilda Banken (SEB) took advantage of attractive funding available in Tier 2 to prefinance a 2017 call with a punchy Eu850m 12 year non-call seven subordinated issue on 24 October that underlined the tight ...

SEB tempted into early Tier 2 prefinancing

Market

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DNB attracted over $5bn of demand and 350 accounts to a $750m perpetual non-call 2022 Additional Tier 1 transaction on 11 October that was the first AT1 benchmark in dollars or euros in over a month and the first since ...

DNB reopens AT1 post-DB part II with $750m

Market

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DBS Group Holdings achieved the lowest ever coupon on a US dollar Additional Tier 1 benchmark on 30 August when it sold its first AT1 issue outside its domestic Singapore dollar market, a $750m perpetual non-call five deal. ...

DBS sets coupon low in debut US$1bn AT1

Market

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Dai-ichi Life sold a $2.5bn subordinated perpetual non-call 10 issue on 13 July with the lowest coupon for such an issue among its peers, ahead of an October move to a HoldCo/OpCo structure for Japan’s largest life ...

Dai-ichi Life sets $2.5bn benchmark before HoldCo move

Market

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CNP Assurances launched the first euro benchmark Tier 3 transaction under Solvency II on 12 October, a Eu1bn six year that provided a highlight as most insurance companies turned to the dollar market for subordinated debt. ...

CNP Eu1bn opens Tier 3, while insurers get USD fix

Market