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UniCredit successfully rounded off the first half the year in European bank capital on 30 June, issuing a €750m perpetual non-call seven Additional Tier 1 amid a pre-summer flurry of supply, with issuers still able to tap ...

UniCredit AT1 wraps up H1 with market finely poised

Market

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Attractive opportunities for European banks in the US dollar market are expected to persist into the second half of the year, given the anticipated sharp drop-off in overall investment grade supply that is expected to ...

Yankee drumbeat to persist on supply, XCCY levels

Market

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Macif sold the first ever transaction to include RT1, Tier 2 and Tier 3 tranches on 14 June, a €1.75bn three-tranche deal that attracted some €12.1bn of demand from more than 400 accounts, as the insurer successfully ...

Macif well positioned after €1.75bn M&A hat-trick

Market

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Green, social and sustainability (GSS) bond issuance has trebled its share of key bank products in the first half of 2021, as banks increasingly seek to satisfy investors by reinforcing their ESG credentials and to leverage ...

SNP, Tier 2 lead H1 green and social bank bloom

Market

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Crédit Agricole SA (CASA) achieved a participation rate of around 80% in a novel one-for-one exchange offer for holders of a £500m (€582m) Additional Tier 1 in June, with the majority of investors keen to switch from a ...

CASA £500m AT1 exchange beats expectations

Market

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Groupama sold its inaugural green bond on 30 June, a €500m seven year Tier 3 transaction whose sustainable nature helped the French insurer achieve tight pricing, while Generali built on its prior green issuance with a ...

Groupama goes green in T3, Generali adds to ESG

Market

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At the cusp of 2021, recently-approved Covid-19 vaccines offered a light at the end of the tunnel. For many, the tunnel sadly proved longer than hoped. But as we enter the second half of the year, there are encouraging signs ...

Into the green

Editorial

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A new Moody’s Capital Tool (MCT) has been introduced to inform a risk-based analysis of the capital adequacy of property and casualty (P&C) and life insurers. Although no ratings will be changed, the tool is expected ...

P&C and Life Insurers: Moody’s Capital Tool

Regulation & ratings

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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

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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

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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

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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