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Crédit Agricole surprised the market in March by becoming the first French bank not to call a perpetual hybrid Tier 1 instrument, in line with increasingly economic bases for such decisions in Europe, but softened the ...

CASA innovates with new combined LM offer

Market

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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