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Volksbank Wien on 2 April successfully revived an inaugural AT1 transaction initially scheduled for October 2018, quickly executing a EUR220m perpetual non-call five transaction at 7.75%, a level seen as attractive by ...

Volksbank Wien completes revived EUR220m AT1 debut

Market

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In spite of the insurance sector’s attractions, technicals contributed to it underperforming in 2018. Crédit Agricole CIB and Bank+Insurance Hybrid Capital gathered issuers and investors together to find out how ...

Insurance Outlook 2019

Focus

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Politics trumps economic fundamentals in the New Year outlook, an investor survey by Crédit Agricole CIB’s FI syndicate has found. But in spite of the volatility Italy and Brexit may bring, the buyside is less bearish ...

CACIB FI syndicate investor survey: Drowning out the noise

Focus

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Jyske Bank played into the safety-first mentality of year-end issuance in fragile markets with a EUR500m three year inaugural euro senior non-preferred deal last Wednesday that delivered on its commitment to investors, after ...

Jyske successfully delivers EUR500m SNP despite uneasy mart

Market

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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

Q&As

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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

Q&As

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A row between the Italian government and the EU over the peripheral country’s budget and then the climax of the UK’s Brexit negotiations presented issuers and investors with a veritable minefield of events to navigate ...

Brexit, Italy prove too hot to handle as deals suffer

Market

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Munich Re demonstrated its appeal to investors with a twice-subscribed EUR1.25bn Tier 2 trade on 15 November amid market conditions that led to a UK covered bond being pulled, as insurers experienced mixed outcomes in the ...

Rare Munich Re shows strengths amid fall volatility

Market

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ING sold the largest green bond from a European bank on 8 November, a EUR2.6bn equivalent inaugural green senior HoldCo transaction, after Commerzbank had on 16 October chosen the senior non-preferred format for its green ...

ING HoldCo, Commerz SNP hit green highs

Market

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An IASB proposal to reclassify the popular perpetual cumulative corporate hybrid structure as liability has cast a shadow over the primary and secondary markets since its release in June. Here, Véronique Diet Offner, in ...

The end of corporate hybrids?

Focus

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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

Q&As

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Moody’s rewarded Portugal’s economic recovery with a return to investment grade in mid-October. In the wake of the positive news, Bank+Insurance Hybrid Capital sought issuer, investor and rating agency views alongside ...

Portugal: Reaping the rewards

Focus