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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

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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

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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

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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

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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

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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

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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

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Financial institutions are bringing a new generation of hybrid instruments to market in the wake of the financial crisis and Bank+Insurance Hybrid Capital brings you coverage of this burgeoning asset class. The ...

Bank & Insurance Hybrid Capital

News in brief