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Moves to target Additional Tier 1 coupons are ill-conceived and counterproductive, argue CACIB’s FI team, threatening an option that can help banks contribute to the recovery just as supportive market conditions and the ...

MEPs’ AT1 coupon cancellation proposals raise remote but serious risk to product

Market

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Swiss Re became only the second insurer this year to sell a subordinated euro benchmark when it issued an €800m 32 year non-call 12 Tier 2 on Wednesday. Daniel Bell, head of funding at Swiss Re, discusses the issuer’s ...

Swiss Re €800m Tier 2 timing ‘vindicated’ by demand, spread

Market

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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