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
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
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
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
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
The UK has led the way in new-style bank capital instruments and sterling issuance has found its way into investors’ portfolios, but the pace of regulatory change has brought with it uncertainty. A difficult summer has ...
Roundtable: Team UK
Q&As
Italy’s UniCredit launched its second AT1 transaction, a Eu1bn issue, into a hesitant post-summer market at the beginning of September. Here, Waleed El Amir, head of strategic funding and portfolio at UniCredit, gives his ...
UniCredit: Quality over quantity
Q&As
Moody’s methodology for rating hybrid securities has evolved with the development of post-crisis, Basel III-compliant instruments, most recently with the publication of a Request for Comment on “high trigger” CoCos in ...
Moody’s: AT1 o’clock
Q&As
Bankia made a spectacular return to the Tier 2 market on 13 May just a year after junior bondholders were bailed in following its bail-out in 2012. Here, Fernando Cuesta, head of funding at Bankia, and Vincent Hoarau, head ...
Bankia: Capital comeback
Q&As