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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

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Nykredit Realkredit launched what has been touted as the first Tier 3 instrument in the new bail-in era on 6 June, a Eu500m three year “senior resolution note” (SRN) that sits in between the issuer’s senior unsecured ...

Innovative Nykredit SRN augurs well for Tier 3

Market

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Sumitomo Mitsui Financial Group (SMFG) launched the first HoldCo transaction in euros from a Japanese G-SIB on 7 June and attracted Eu2.75bn of demand to its Eu1.5bn 10 year deal at a level deemed attractive for the issuer. ...

SMFG euro HoldCo debut impresses

Market

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Australia & New Zealand Banking Group (ANZ) launched the first Basel III-compliant Additional Tier 1 issue into international markets from Australia on 7 June with a US$1bn (A$1.36bn, Eu881m) perpetual non-call 10 ...

ANZ US$1bn blow-out takes Aussie AT1 offshore

Market