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Italian banks have begun taking advantage of senior non-preferred (SNP) debt to help meet rating and regulatory targets as they continue their post-crisis recovery. Wider credit market volatility rather than an inconclusive ...

Italy: SNP buttresses banks’ restoration of ratios

News in brief

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Italy still faces economic and political challenges, but has achieved indisputable improvements, write La Banque Postale Asset Management’s Stéphane Déo, strategist, and Stéphane Herndl, senior credit analyst, research ...

Italy: A two-speed banking system despite the macro recovery

Focus

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The NPL clean-up underway in Italy is positive, but nuanced and differs across the banking industry, according to Moody’s Alain Laurin, associate managing director, and Edoardo Calandro, senior analyst. Here, they outline ...

Moody’s: Italians respond to pressures

Focus

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Zurich Insurance attracted some $2.75bn of orders to a $500m Reg S 30 year non-call 10 Tier 2 issue on 19 April, allowing it to price its first subordinated debt issue since 2016 at a new issue premium at the lower end of ...

Zurich $500m 30NC10 return outperforms

Market

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AXA launched the equal-largest European insurance subordinated debt transaction on 21 March, a EUR2bn 3.25% 31 non-call 11 Reg S deal that attracted over EUR4bn of demand, as it kicked off financing for its acquisition of XL ...

AXA goes XL with Tier 2, SCOR raises RT1 bar

Market

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Julien de Saussure, fund manager at Edmond de Rothschild Asset Management (France), explains the key metrics by which he judges new Restricted Tier 1 issuance, and the pros and cons of the instrument versus bank Additional ...

Investor viewpoint: RT1 a welcome pick-up

Q&As

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SCOR opened the US dollar market for Restricted Tier 1 (RT1) on 6 March, with a $625m perpetual non-call 11 transaction that attracted $3.75bn of orders. Bertrand Bougon, head of ratings and capital, and Gabriel Hauvette, ...

SCOR FIRES US$ START1NG GUN

Q&As

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Michael Benyaya, DCM solutions, Crédit Agricole CIB, highlights key factors for insurers considering whether RT1 issuance is appropriate, as well as rating agency approaches to the instrument and differences to bank ...

Rationale for issuing RT1

From CACIB

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Crédit Agricole Assurances opened the euro insurance sub debt market for 2018 with a EUR1bn 30NC10 Tier 2 issue that attracted over EUR5bn of demand on 22 January. Crédit Agricole Assurances (CAA) CFO Clément Michaud and ...

CAA message, reopener resonate with investors

Q&As

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UniCredit took advantage of a positive response to the first year of its “Transform 2019” plan by launching a EUR1bn perpetual non-call June 2025 AT1 on 13 December, pre-empting potential first quarter pitfalls, and the ...

Transform 2019 cheer tees up UniCredit last hurrah

Market

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The buyside is positioning for sustained strength in subordinated bank bonds in the New Year, according to an investor survey by Crédit Agricole CIB syndicate, with few clouds on the horizon. New German and Italian ...

CACIB investor survey: Game on for FIG in 2018!

From CACIB

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ASR Nederland sold the first Restricted Tier 1 (RT1) instrument in a major currency on 12 October, a EUR300m perpetual non-call 10 transaction that attracted over EUR2.6bn of orders and achieved pricing that market ...

RT1 passes major insurance test in ASR EUR300m hit – plus RT1 FAQ

Market