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Pre-funding by banks and a pick-up in insurance issuance, as well as developments in the ESG space and liability management, could see the prospects for financial institutions activity improve in the second half of the year, ...
Positioning for H2
From CACIB
All sides of the market have to grapple with how the introduction of IFRS 17 will affect insurance companies’ business performance and credit dynamics ahead of its introduction in 2023. Here, Crédit Agricole CIB’s DCM ...
IFRS 17: Anticipating the ‘disruptive’ new standard
Regulation & ratings
Raiffeisen Bank International (RBI) cemented its status as the leading bank issuer of green bonds in Austria with the launch of its first green Tier 2 on 9 June, a €500m 12 year non-call seven deal that attracted some ...
RBI: Leading Austrian extends in green
Q&As
Origin Documentation, soft-launched in July 2020, automates the production of transaction documentation pre- and post-bond issuance. Origin worked with Crédit Agricole’s treasury and Crédit Agricole CIB’s Debt Capital ...
CASA sees efficiencies in Origin auto-docs
Case Studies
The US may be taper-whispering, but the European Central Bank cannot return to its pre-pandemic level of bond buying until at least the end of 2022, even if the recovery continues, argues Crédit Agricole CIB Eurozone ...
Too soon to talk about ECB tapering
From CACIB
BayernLB achieved the tightest re-offer spread for a German euro Tier 2 benchmark when it sold the first green Tier 2 from the country on 16 June, a €500m 10.25 non-call 5.25 trade priced at 135bp over mid-swaps on the ...
Green helps BayernLB to Tier 2 landmarks
Q&As
Crédit Agricole SA (CASA) on 20 May launched a novel one-for-one exchange offer for holders of its £500m (€582m) perpetual non-call June 2026 grandfathered Additional Tier 1 instrument, seeking to replace it with a fully ...
Crédit Agricole £500m AT1 exchange tackles Libor, CRR issues
Market
Persistent signs of a burgeoning US recovery over the summer could lead to the FOMC signalling its tapering strategy as early as the August Jackson Hole central bank symposium or the September policy meeting, according to ...
Managed taper anticipated from September, wider EUR/USD XCCY
From CACIB
With rates markets having stabilised after a bout of uncertainty, the US credit market last week experienced renewed momentum, allowing an array of European banks to achieve stronger outcomes than available in a more ...
Dollar bank capital hits new highs as rates stabilise, overshadowing cautious euro mart
Market
Last week was the busiest of 2021 for subordinated insurance issuance, as AIA, Axa and CNP Assurances hit the market with benchmark trades, with the sector having this year proven stable against the backdrop of rates ...
Resilient credit market sets stage for burst of sub insurance hits from AIA, Axa, CNP
Market
MünchenerHyp issued its first senior non-preferred euro benchmark on Wednesday, a €500m eight year deal that is also its first senior green bond, with the German bank moving to take advantage of persistent demand in ...
MünchenerHyp begins benchmark SNP journey with green first
Market
Deutsche Kreditbank (DKB) became the first bank to sell a euro-denominated senior preferred bond at a negative yield on Monday, after attracting €1.2bn of orders to a €500m five year issue that is the first deal to be ...
DKB breaks senior preferred negative yield ‘taboo’ with GBS first
Market
