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
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
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
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
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
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
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
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
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
