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
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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
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
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
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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
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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
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
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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
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
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