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The AT1 market has reached fever pitch, with investors unable to resist the asset class in the lower-for-longer rates environment, meaning record low coupons are there for the taking for those issuers ready to seize the ...
Italians lead AT1 charge as insatiable demand drives asset class to new heights
Market
A €400m AT1 debut from UBI Banca on 13 January attracted more investors than any previous bond issue from the Italian bank, as some 450 accounts placed in excess of €6bn of orders. Head of funding Giorgio Erasmi shared ...
UBI AT1 debut attracts €6bn bid as stars align
Q&As
Santander on Thursday moved to refinance a €1.5bn 5.481% Additional Tier 1 issue and saw its strategy deliver big savings as clear and consensual execution helped it attract over €10bn of demand to a €1.5bn perpetual ...
Santander strategy pays off as blow-out €1.5bn AT1 reopener delivers refi savings
Market
A €5bn book for an inaugural, €750m RT1 from Ageas on 3 December showed the subordinated insurance sector to be in surprisingly fine fettle going into year-end, as a flurry of deals provided a welcome late encore to the ...
Ageas shows strong insurance bid into year-end
Market
“Time for Action” has been the theme of COP25, but the omens were negative from the start, with unrest in host country Chile resulting in a late relocation to Madrid. The battle ahead was perhaps most aptly demonstrated ...
#TimeForAction
Editorial
After a surprising 2019, what does the year ahead hold in store for euro credit markets, notably bank debt? Vincent Hoarau, head of FI syndicate at Crédit Agricole CIB, suggests that geopolitical developments hold risks for ...
Complacency a key risk to primary in 2020
From CACIB
La Banque Postale achieved one of the lowest ever coupons on a euro AT1 with its debut issue on 13 November, a €750m perpetual non-call seven that attracted a peak €3.5bn of demand, but also demonstrated the price ...
La Banque Postale in €750m AT1 milestone
Market
Fitch’s ratings of Tier 2 debt could be cut by one notch under proposed new rating criteria released in a report on 15 November, although AT1 instruments could be lifted one notch. ...
Tier 2 under threat from Fitch draft, AT1 set for boost
Regulation & ratings
After becoming the first European insurance company to publish a green bond framework in June, CNP Assurances on 20 November attracted close to €2bn of demand to a €750m long 30NC10 Tier 2 issue and achieved its lowest ...
CNP Assurances: Responsible investment ‘showcase’ excites
Q&As
Australia & New Zealand Banking Group sold the first SDG-linked Tier 2 bond in euros on 15 November in a step towards achieving ALAC requirements and a A$50bn sustainability target. Simon Reid, director, group funding, ...
ANZ moves towards dual targets with SDG T2
Q&As
Sumitomo Mitsui Financial Group (SMFG) was able to achieve an attractive size and price when it issued a €1.25bn 10 year senior HoldCo benchmark on 15 October, raising funding some 20bp inside what was available in US ...
SMFG happy with size, price on €1.25bn 10s
Market
Banks could substantially cut cost of carry when refinancing AT1s by using a “six month par call” feature introduced in a £600m Nationwide Building Society deal in September that increases issuers’ flexibility. ...
Nationwide ‘six month par call’ promises savings
Market
