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A €400m AT1 debut from UBI Banca on 13 January attracted more investors than any previous bond issue from the Italian bank, as some 450 accounts placed in excess of €6bn of orders. Head of funding Giorgio Erasmi shared ...

UBI AT1 debut attracts €6bn bid as stars align

Q&As

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After becoming the first European insurance company to publish a green bond framework in June, CNP Assurances on 20 November attracted close to €2bn of demand to a €750m long 30NC10 Tier 2 issue and achieved its lowest ...

CNP Assurances: Responsible investment ‘showcase’ excites

Q&As

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Australia & New Zealand Banking Group sold the first SDG-linked Tier 2 bond in euros on 15 November in a step towards achieving ALAC requirements and a A$50bn sustainability target. Simon Reid, director, group funding, ...

ANZ moves towards dual targets with SDG T2

Q&As

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UBI Banca made a swift return to the senior non-preferred sector on 14 October, taking advantage of a strong market to sell a €500m long five year benchmark almost 100bp inside where it sold a five year in June. Giorgio ...

UBI Banca caps year with strong SNP return

Q&As

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National Australia Bank on 18 November extended the Australian domestic Tier 2 curve with the first 12 year non-call seven issue, after having on 29 July sold the equal-largest US dollar Basel III Tier 2 tranche from an ...

ALAC: NAB goes large offshore, long at home

Q&As

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On 23 September, Generali reinforced its sustainability push by issuing the first green bond from a European insurer. The landmark trade was the finale to a liability management exercise that helped the Italian insurer ...

Generali hits targets with green first

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S&P on 1 July released updated criteria for the insurance sector and hybrids, with insurers’ issuance most impacted by the latter. Dennis Sugrue, senior director and insurance sector lead, S&P Global Ratings, ...

S&P: Insurers centre stage in criteria updates

Q&As

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On 9 July, APRA announced ALAC requirements under which Australia’s big four have to raise some A$50bn of additional Tier 2 by 2024. Less than a week later, Westpac opened the new subordinated innings with a US$2.25bn ...

Westpac: Tier 2 opens ALAC test with a bang

Q&As

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Banco Bilbao Vizcaya Argentaria took advantage of the improvement in market conditions in the first quarter to attract strong demand for AT1, Tier 2 and senior non-preferred at minimal new issue premiums. Bank+Insurance ...

BBVA: Capital strategy rewarded

Q&As