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Julien de Saussure, fund manager at Edmond de Rothschild Asset Management (France), explains the key metrics by which he judges new Restricted Tier 1 issuance, and the pros and cons of the instrument versus bank Additional ...

Investor viewpoint: RT1 a welcome pick-up

Q&As

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SCOR opened the US dollar market for Restricted Tier 1 (RT1) on 6 March, with a $625m perpetual non-call 11 transaction that attracted $3.75bn of orders. Bertrand Bougon, head of ratings and capital, and Gabriel Hauvette, ...

SCOR FIRES US$ START1NG GUN

Q&As

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Crédit Agricole Assurances opened the euro insurance sub debt market for 2018 with a EUR1bn 30NC10 Tier 2 issue that attracted over EUR5bn of demand on 22 January. Crédit Agricole Assurances (CAA) CFO Clément Michaud and ...

CAA message, reopener resonate with investors

Q&As

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Belfius Bank inaugurated Belgian senior non-preferred debt with a Eu750m five year deal on 5 September that attracted EUR2.3bn of demand from 150 investors. Ellen Van Steen, head of long term funding at Belfius, discusses ...

Belfius EUR750m inaugurates Belgian senior non-preferred

Q&As

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Caixa Geral de Depósitos in March completed possibly the most anticipated Additional Tier 1 issue of the past year, in a deal that was key to unlocking an EC-agreed recapitalisation and restructuring plan, and which ...

CGD: AT1 unlocks the future

Q&As

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CNP Assurances launched the first Tier 3 transaction under Solvency II in the euro market on 12 October. Here, Jean-Philippe Médecin, director for ALM and funding, and Stéphane Trarieux, funding department, at the French ...

CNP Assurances: Tier 3 open for business

Q&As

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Woori Bank launched the first foreign currency perpetual Basel III-compliant AT1 from South Korea on 20 September, a US$500m perpetual non-call five deal. Here, Young Ho Suh, executive (pictured), and Hee Seung Yea, team ...

Woori Bank: Perpetual first

Q&As

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Axa reopened the euro hybrid insurance sector on 23 March to sell its first new subordinated issue since 2014, a Eu1.5bn 31.25NC11.25 Tier 2 deal. Here, Nicolas Benhamou-Rondeau, Axa head of funding and capital markets ...

Axa: Quality return after volatility

Q&As

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Belgium’s Belfius Bank launched its first Tier 2 transaction on 28 April, a Eu500m 10 year bullet. Here, Ellen Van Steen, head of long term funding at Belfius, explains how the debut fits into and builds on the bank’s ...

Belfius: Stepping into Tier 2

Q&As