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Kookmin Bank (KB) sold its first Additional Tier 1 on 25 June, a $500m (KRW593bn) perpetual non-call five transaction that attracted some $2.7bn of orders, and did so under the guise of its sustainable financing framework, ...

KB debuts in AT1 under sustainability framework

Market

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S&P on 1 July released updated criteria for the insurance sector and hybrids, with insurers’ issuance most impacted by the latter. Dennis Sugrue, senior director and insurance sector lead, S&P Global Ratings, ...

S&P: Insurers centre stage in criteria updates

Q&As

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Landesbank Baden-Württemberg issued its third green bond in just over two months on 17 July, a EUR500m no-grow seven year senior non-preferred issue priced flat to where the German bank sold a EUR750m five year SNP ...

LBBW in quick green SNP return as levels tighten

Market

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On 9 July, APRA announced ALAC requirements under which Australia’s big four have to raise some A$50bn of additional Tier 2 by 2024. Less than a week later, Westpac opened the new subordinated innings with a US$2.25bn ...

Westpac: Tier 2 opens ALAC test with a bang

Q&As

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Jyske Bank issued the first callable senior non-preferred transaction from the Nordics on 13 June, a EUR500m five year non-call four transaction launched as BRRD2 was coming into force, with more issuers potentially adopting ...

Jyske champions callables after Nordic SNP first

Market

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Standard Chartered attracted over EUR3.4bn of orders for an inaugural sustainability bond on 25 June, building on a broader green and sustainable product framework to offer investors an uncommon opportunity to support the UN ...

SDG impact helps StanChart sustainability debut fly

Market

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The window for Santander to decide whether to call an AT1 in March had been a date for the diary since the turn of the year, and the Spanish bank duly made history with the first non-call. But the market’s reaction ...

AT1: To call, or not to call?

Focus

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The European Banking Authority’s Q4 2018 Risk Dashboard, published on 29 March, showed 2018 to have been a difficult year for capital generation for the European banking system as a whole, as evidenced by the decreasing ...

European banks: Headwinds limit capital build in 2018, more to come

From CACIB

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Market conditions proved exceptional through the end of the first quarter as credit markets retraced the widening they had suffered into the end of 2018, to provide ample opportunities for issuers to launch bank capital ...

Turnaround in outlook sparks AT1 boom

Market

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Coventry Building Society offered a template to more economically manage upcoming calls of Additional Tier 1 last month when it launched a tender offer for an AT1 ahead of its first call and less than five years since its ...

Coventry AT1 tender/new issue promises savings

Market

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Aegon attracted some EUR2.5bn of orders to an inaugural Restricted Tier 1 on 28 March, adding welcome supply to the still-thin RT1 sector, after having postponed the debut in October in less receptive market conditions. ...

Patient Aegon boosts RT1 with inaugural EUR500m

Market

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An inaugural Danske Bank green bond on 12 March allowed it to mitigate concerns over its role in a money-laundering scandal, with the EUR500m no-grow five year non-preferred senior deal priced at a level well inside where a ...

Green bond debut mitigates Danske premium

Market