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Italy’s Intesa Sanpaolo led the short-lived reopening of the bank capital market in the opening weeks of 2016 with $1.5bn Tier 2 and Eu1.25bn AT1 benchmarks. Here, head of treasury Camilla Tinari, explains the issuer’s ...

Intesa Sanpaolo: At the vanguard

Q&As

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Pioneer Investments has launched a new fund into the burgeoning but turbulent subordinated bond markets. Pioneer portfolio manager Vianney Hocquet explains how, leveraging off the firm’s experience in the asset class, the ...

Pioneer: In at the deep end

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Having been a pioneer of Additional Tier 1, Banco Popular Español has lived the ups and downs of the asset class since its birth in 2013. Here, Francisco Sancha, CFO at Banco Popular, shares his views on the market’s ...

Banco Popular: Ahead of the game

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Finland’s Municipality Finance on 24 September sold the first Additional Tier 1 instrument from an SSA issuer, a Eu350m 4.5% perpetual non-call 2022 BBB+ deal that had the lowest coupon and highest rating of any AT1. Esa ...

Municipality Finance: Bridge to the future

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Royal Bank of Scotland launched its inaugural Additional Tier 1 transaction on 5 August, a $3.15bn two-tranche deal. Afterwards, Scott Forrest, head of capital strategy and debt capital markets, RBS, spoke to Bank+Insurance ...

RBS: Improving proposition

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BRRD, MREL, RWAs... The “alphabet soup” of regulation shows no signs of cooling, and financial institutions are being forced to reassess balance sheet managment and funding in light of the paradigm shifts in bank ...

Bank resolution: Constructing new strategies

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After six weeks without any financial institutions sub debt issuance, Aviva successfully reopened the market on 28 May with a dual tranche, Eu900m and £400m, Tier 2 offering. Here, Susan Sharrock Yates, deputy group ...

Aviva: Friendly reopener

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Swiss Life on 8 June hit a short issuance window to sell a Eu750m perpetual non-call 10 hybrid on the back of a twice oversubscribed order book before conditions again deteriorated and insurance sub debt issuance dried up. ...

Swiss Life: Last hurrah

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SCOR successfully executed a Eu250m 32NC12 Tier 2 issue on 2 June and here Marco Circelli, head of group capital and treasury management, SCOR SE, explains the thinking behind it. ...

SCOR

Q&As