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Zurich Insurance attracted some $2.75bn of orders to a $500m Reg S 30 year non-call 10 Tier 2 issue on 19 April, allowing it to price its first subordinated debt issue since 2016 at a new issue premium at the lower end of ...

Zurich $500m 30NC10 return outperforms

Market

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AXA launched the equal-largest European insurance subordinated debt transaction on 21 March, a EUR2bn 3.25% 31 non-call 11 Reg S deal that attracted over EUR4bn of demand, as it kicked off financing for its acquisition of XL ...

AXA goes XL with Tier 2, SCOR raises RT1 bar

Market

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UniCredit took advantage of a positive response to the first year of its “Transform 2019” plan by launching a EUR1bn perpetual non-call June 2025 AT1 on 13 December, pre-empting potential first quarter pitfalls, and the ...

Transform 2019 cheer tees up UniCredit last hurrah

Market

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ASR Nederland sold the first Restricted Tier 1 (RT1) instrument in a major currency on 12 October, a EUR300m perpetual non-call 10 transaction that attracted over EUR2.6bn of orders and achieved pricing that market ...

RT1 passes major insurance test in ASR EUR300m hit – plus RT1 FAQ

Market

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Crédit Logement sold its first CRD IV-compliant subordinated instrument on 21 November as part of a liability management exercise in which it tendered for old Tier 1 and Tier 2 securities, and attracted some EUR1.6bn of ...

Crédit Logement offers rare Tier 2 on back of LM

Market

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The Additional Tier 1 market came of age on 8 November as BBVA launched a new $1bn issue, the proceeds of which could go towards the first refinancing of an AT1 benchmark, while Nordea set a coupon low later in the month to ...

AT1 comes of age with BBVA, Nordea sets record

Market

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Crédit Mutuel Arkéa took advantage of exceptional market conditions for Tier 2 debt to sell a EUR500m 12 year non-call seven issue on 18 October that attracted more investors to the credit than ever before, while being ...

Crédit Mutuel Arkéa beats expectations in Tier 2

Market

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Prudential revived the fixed-for-life format for insurers on 17 October with a $750m perpetual non-call 5.25 Tier 2 issue that attracted over $2.5bn of demand, with strong Asian take-up despite the coupon coming inside the ...

Pru $750m revives fixed-for-life, Vivat follows in Reg S

Market

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Jyske Bank issued its first euro Additional Tier 1 (AT1) on 14 September, a EUR150m (DKK1.12bn) perpetual non-call 10 issue that attracted EUR775m of orders and was priced with the lowest coupon for a euro AT1 from the ...

Size no obstacle as ‘fun’ Jyske euro AT1 first sells out

Market