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Moves to target Additional Tier 1 coupons are ill-conceived and counterproductive, argue CACIB’s FI team, threatening an option that can help banks contribute to the recovery just as supportive market conditions and the ...
MEPs’ AT1 coupon cancellation proposals raise remote but serious risk to product
Market
Swiss Re became only the second insurer this year to sell a subordinated euro benchmark when it issued an €800m 32 year non-call 12 Tier 2 on Wednesday. Daniel Bell, head of funding at Swiss Re, discusses the issuer’s ...
Swiss Re €800m Tier 2 timing ‘vindicated’ by demand, spread
Market
With investors drawing comfort from positive headlines on the health and economic fronts, and supply easing, the recovery in credit markets kicked on last week, allowing Commerzbank, Crédit Agricole and Swiss Re to garner ...
Euro Tier 2s fly on back of renewed rally, as optimism feeds fear of missing out
Market
Among the fundamental characteristics intuitively attributed to a hybrid instrument, a correlation with related equity performance is one of the most oft-cited. But while a strong correlation with share prices may appear ...
Demystifying equity and AT1 correlation
From CACIB
Crédit Agricole priced a €750m 10 year non-call five Tier 2 inside fair value on Thursday alongside the launch of a tender for senior preferred debt, taking advantage of the strong market to rebalance its liabilities in ...
CASA rebalances in Tier 2-tender combo
Market
Allianz launched the first subordinated insurance euro benchmark of the year on Friday, a successful €1bn 30 year non-call 10 Tier 2 that took advantage of a window of opportunity between less propitious days to sate ...
Allianz reopens euro insurance sub debt with successful €1bn
Market
Bank and insurance hybrid capital issuance is back on the agenda in Europe, largely due to the rapid central bank largesse that has driven a recovery in financial markets. However, the weight of credit market supply has ...
Bank capital emerges from lockdown, but Fed warns even as its support drives market
Market
The ECB’s comprehensive and diversified response to the Covid-19 crisis has proven effective in providing relief in the sovereign, corporate and banking spheres, and the central bank appears ready to act further, says ...
ECB tools effective, but Eurozone differences must be addressed
From CACIB
Insurers have weathered the initial impact of the Covid-19 pandemic, but second round effects could put pressure on solvency ratios. Neil Day surveys the industry’s health, with insights from Crédit Agricole CIB’s ...
Insurers pass initial test of resilience, but unknowns could impact solvency ratios
Focus
The insurance sector’s apparent health entering the crisis has not offered it immunity from the volatility and widening that have struck financial markets, according to André Bonnal, FI syndicate at Crédit Agricole ...
Market ‘wide open’ as insurers outperform banks in rebound
Market
The primary market roared back to life last week on the back of unprecedented concrete support from central banks and governments to counter the economic and financial markets impact of the coronavirus pandemic. Financial ...
Unprecedented stimuli spur rally, supply surge, but pandemic casts long shadow
Market
Financial markets’ capitulation in the face of the coronavirus has proven a reality check for the Additional Tier 1 market, with prices collapsing after a booming start to the year. Here, issuers, investors and Crédit ...
AT1: Reality check
Focus
