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Do AT1 trigger levels still make sense? What factors determine whether banks can call AT1s? And how could Brexit affect UK law issuance? Delphine Reymondon, head of the liquidity, leverage, loss absorbency and capital unit, ...

EBA: Triggers, calls & UK law

Q&As

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To go or not to go? That is the increasingly fraught question issuers will be asking themselves in 2019 as macroeconomic and geopolitical uncertainty persists and volatility drives investors’ strategies, according to ...

2019: Primary outlook from CACIB’s FI syndicate

Q&As

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Groupama put the seal on its recovery on 17 September with its first wholly new money transaction since 2009 and its first since its sub debt was returned to investment grade by Fitch last year, in a EUR500m no-grow 10 year ...

Groupama EUR500m sub comeback seals recovery

Q&As

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Investors are underestimating the risks that accompany the shift from an era of quantitative easing to quantitative tightening, according to David Riley, chief investment strategist at BlueBay Asset Management, who says ...

BlueBay: Beware risks of QT

Q&As

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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

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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

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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