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
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
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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
Supported by the fruits of its Transform 2019 plan and pan-European message, UniCredit has recently underlined its broad market access in a series of TLAC-driven trades, attracting over $20bn of orders to $10bn of deals in ...
UniCredit: Progress story gets global buy-in
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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
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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
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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
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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
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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