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Prudential revived the fixed-for-life format for insurers on 17 October with a $750m perpetual non-call 5.25 Tier 2 issue that attracted over $2.5bn of demand, with strong Asian take-up despite the coupon coming inside the ...

Pru $750m revives fixed-for-life, Vivat follows in Reg S

Market

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The first publication of Solvency & Financial Conditions Reports (SFCRs) across the insurance industry has provided a treasure trove of new information for the market to absorb. But has it enriched understanding of ...

Insurance: Big SFCR data

Focus

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Jyske Bank issued its first euro Additional Tier 1 (AT1) on 14 September, a EUR150m (DKK1.12bn) perpetual non-call 10 issue that attracted EUR775m of orders and was priced with the lowest coupon for a euro AT1 from the ...

Size no obstacle as ‘fun’ Jyske euro AT1 first sells out

Market

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BE put gender equality centre stage when it sold the first capital instrument from a financial institution to be in social bond format on 9 November, and the Australian insurer’s US$400m perpetual non-call 7.5 deal ...

QBE: Engendering a social buzz

Focus

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United Overseas Bank (UOB) sold its latest Additional Tier 1 (AT1) transaction outside its domestic currency on 11 October, a US$650m perpetual non-call six transaction that achieved the tightest ever re-offer spread for ...

UOB hits tight, diversifies bid in $650m AT1

Market

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Sumitomo Mitsui Financial Group became the first Japanese issuer to sell a green bond in accordance with Ministry of the Environment guidelines on 4 October, and SMFG officials said the move highlights a growing focus on the ...

SMFG debuts Japan Guidelines in green TLAC euro first

Market

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Volksbank Wien was able to upsize its first capital markets transaction from Eu300m to Eu400m yesterday (Thursday), as its 10NC5 Tier 2 trade attacted more than Eu850m of demand from over 150 accounts, demonstrating ...

Volksbank Wien Tier 2 debut a searing success in red hot mart

Market

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Belfius Bank inaugurated Belgian senior non-preferred debt with a Eu750m five year deal on 5 September that attracted EUR2.3bn of demand from 150 investors. Ellen Van Steen, head of long term funding at Belfius, discusses ...

Belfius EUR750m inaugurates Belgian senior non-preferred

Q&As

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How are investors positioned and what do they want going into the autumn reopening? Such questions were central to an inaugural survey by Crédit Agricole CIB syndicate conducted in the wake of unprecedented action to tackle ...

CACIB survey: Investors primed for SNP

Focus

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Bankia on 6 July launched its inaugural Additional Tier 1 and the first Spanish AT1 since Banco Popular sub debt was wiped out a month earlier, a EUR750m deal that achieved tight pricing on the back of as much as EUR3.5bn of ...

Bankia AT1 debut flies in post-Popular test, CaixaBank in T2

Market

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In the early morning hours of 7 June joint statements from the European Central Bank, Single Resolution Board and European Commission announced the decision that Banco Popular Español had been determined as “failing or ...

After Popular test, investors ask: what recovery value?

Market

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The new market for senior non-preferred debt has developed quickly since its opening in December. European Commission plans for a common instrument and ECB interventions have meanwhile both helped and complicated progress. ...

Senior non-preferred: Defining moments

Focus