post image
Spain could take over the initiative from the European Commission and introduce national senior non-preferred (SNP) legislation ahead of the summer break, with the introduction of such debt featuring in a broader draft law ...

Draft Spanish SNP law emerges after Santander deal

Market

post image
Despite only having been opened at the tail-end of 2016, the senior-non preferred matured quickly in 2017, as issuers sought to diversify and optimise their use of the new instrument in a variety of maturities, currencies ...

Senior non-preferred menu expands quickly in 2017

Market

post image
Skandinaviska Enskilda Banken (SEB) took advantage of a strong post-FOMC market to attract some $3bn of demand to a $600m perpetual non-call five Additional Tier 1 on 16 March, its first AT1 transaction in over two years. ...

SEB speeds to $3bn book for $600m AT1 return

Market

post image
Caixa Geral de Depósitos in March completed possibly the most anticipated Additional Tier 1 issue of the past year, in a deal that was key to unlocking an EC-agreed recapitalisation and restructuring plan, and which ...

CGD: AT1 unlocks the future

Q&As

post image
Sweden’s final MREL framework means the country’s banks again face stiffer requirements than elsewhere, prompting a latest clash with the regulatory authorities. The next step is the creation of instruments to meet the ...

Sweden: The MREL smoke clears

News in brief

post image
Bringing together various members of the ICMA Asset Management & Investors Council’s Bail-In Working Group, regulators, issuers and other market participants, a bail-in seminar, chaired by Tim Skeet, was held on 7 ...

Bail-in: Joining the dots

Focus

post image
Crédit Agricole launched the first issue of the new class of French senior non-preferred debt on 13 December, a Eu1.5bn 10 year issue that came just two days after the respective law was promulgated and three weeks after ...

CASA primes EU-wide senior non-preferred mart

Market

post image
Financial institutions issuance enjoyed an unprecedentedly buoyant year-end in 2016, with a trio of European issuers selling Additional Tier 1 (AT1) instruments in a variety of formats, and 2017 is also expected to open with ...

Expectations high after year-end upside surprise

Market

post image
Proposals for the next iteration of CRR/CRD and BRRD have been unveiled just as negotiations over Basel III revisions reach a critical stage and an unknown new administration arrives in the US. The EU moves augur well for ...

Take two

Regulation & ratings

post image
Crédit Agricole launched the first senior non-preferred benchmark on 13 December, just days after the respective French law became effective and in the wake of the European Commission proposing EU-wide adoption of such an ...

Senior non-preferred: CASA opens new segment

Case Studies

post image
CNP Assurances launched the first Tier 3 transaction under Solvency II in the euro market on 12 October. Here, Jean-Philippe Médecin, director for ALM and funding, and Stéphane Trarieux, funding department, at the French ...

CNP Assurances: Tier 3 open for business

Q&As

post image
Woori Bank launched the first foreign currency perpetual Basel III-compliant AT1 from South Korea on 20 September, a US$500m perpetual non-call five deal. Here, Young Ho Suh, executive (pictured), and Hee Seung Yea, team ...

Woori Bank: Perpetual first

Q&As