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BBVA and KBC sold green senior non-preferred and green HoldCo debuts in May and June, respectively, after BNP Paribas in April issued the first green senior non-preferred bond, with the success of the three deals deemed ...

Green SNP and HoldCo debuts outdo conventionals

Market

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New issue premiums rose sharply and oversubscription levels shrank as the credit markets hit an inflection point in mid-March, but as oversupply and volatility eased into April, bright spots in AT1 held out the promise of a ...

Hope, but less fantasy after March inflection point

Market

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The execution and performance of a EUR1bn 12 year non-call seven Tier 2 issue for CaixaBank on 10 April raised hopes that volatility and spread widening that had inflicted the market since mid-March could finally be coming ...

CaixaBank offers succour to Tier 2 after widening

Market

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Ireland’s AIB and Italy’s UBI Banca took HoldCo and senior non-preferred debt further into sub-investment grade territory in March and April, with the Irish bank’s deal setting an encouraging starting point by ...

AIB, UBI set peripheral HoldCo, SNP benchmarks

Market

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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