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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

Q&As

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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

Q&As

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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

Q&As

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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

Q&As

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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

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The impact of Solvency II is expected to hit the capital markets in 2015 via the first Tier 1-style structures under the new framework. Bank+Insurance Hybrid Capital surveyed leading market participants to find out how the ...

Solvency II Tier 1 take-off

Q&As

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The European Banking Authority is playing a lead role in the evolution of hybrid capital, most recently with the publication of an AT1 monitoring report. Here, Delphine Reymondon, head of unit, capital and asset/liability ...

EBA: AT1 monitor

Q&As

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Crédit Agricole Assurances (CAA) marked its debut in the primary market on 7 October with a Eu750m perpetual non-call 11 issue. Here, Grégory Erphelin, chief financial officer at CAA, discusses the execution of the debut ...

Crédit Agricole Assurances: Going solo

Q&As

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CNP Assurances returned to the subordinated debt market on 12 November to price a Eu500m perpetual non-call 10 issue, with CA-CIB as a joint bookrunner. Vincent Damas, director for ALM and funding, and Stéphane Trarieux, ...

CNP Assurances: Perpetual return

Q&As