post image
Rabobank sold its first green senior non-preferred bond on 22 October, a €750m seven year priced some 3bp through fair value, with the deal’s impressive outcome attributed largely to its green nature. The Dutch ...

Rabobank green SNP debut impresses on price

News in brief

post image
Italian banks have begun taking advantage of senior non-preferred (SNP) debt to help meet rating and regulatory targets as they continue their post-crisis recovery. Wider credit market volatility rather than an inconclusive ...

Italy: SNP buttresses banks’ restoration of ratios

News in brief

post image
Sweden’s final MREL framework means the country’s banks again face stiffer requirements than elsewhere, prompting a latest clash with the regulatory authorities. The next step is the creation of instruments to meet the ...

Sweden: The MREL smoke clears

News in brief

post image
UniCredit on 26 May sold its first Tier 2 issue since October 2013, a Eu750m 10.5 year non-call 5.5 transaction, after buying back Eu414m equivalent of old-style Tier 1 and Lower Tier 2 euro and sterling bonds. Here, Waleed ...

Buy-back buoys Eu750m UniCredit Tier 2 return

Market, News in brief

post image
Aviva reopened the European market for not only insurance company subordinated debt but more generally financial institutions sub debt after a six week hiatus on 28 May with a dual tranche Eu900m and £400m Tier 2 offering ...

Aviva ends sub drought, peers hit window

News in brief

post image
Crédit Agricole CIB DCM Solutions conducted an investor survey on Solvency II Tier 1 hybrid instruments in January and we are pleased to present the results here. ...

Investor survey Solvency II Tier 1

News in brief

post image
Bankers were expecting 2015 to come to an early end for bank capital transactions after a November resurgence in activity quickly fizzled out against the backdrop of poor sentiment and market participants were again left ...

Hybrids sour into year-end after comeback

News in brief

post image
Coventry Building Society issues £400m PerpNC5.5 AT1: Coventry, the UK’s third largest building society, issued a £400m perpetual non-call 5.5 AT1 note, marking the deal as the second to convert into Core Capital ...

In brief: Coventry with CCDS conversion, Intesa, UBS T2 in dollars

News in brief

post image
Europe NordLB issues US dollar T2 notes: On 3 April – after a roadshow taking in London, Singapore, Hong Kong and Switzerland – Norddeutsche Landesbank issued a US dollar 10 year bullet Reg S-only Tier 2 transaction. ...

In brief: NordLB in dollars, plus Tier 2 returns

News in brief