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Record AT1 supply last month reflected not only demand- but also supply-side factors, notably 2025 having the busiest calendar for calls yet, thanks to the accumulation of issuance over the past decade. As such, the activity ...
September sets AT1 record ahead of 2025 peak, bringing par call strategies to the fore
Market
Australia could become the first jurisdiction to phase out AT1 for banks, after the Australian Prudential Regulation Authority (APRA) on 10 September published a proposal to do so from 1 January 2027 to 2032 that could see ...
Tier 2 dynamics mean proposed Australian phase-out of AT1 securities ‘manageable’
Regulation & ratings
Crédit Agricole Assurances attracted over €3.4bn of demand to a new €750m long 10 year bullet Tier 2 issue on Tuesday, allowing for pricing at a minimal new issue premium and setting up nicely a parallel tender for two ...
CAA Tier 2 hits the spot after Allianz wows
Market
With a first US rate cut now nailed-on, European banks this week lapped up demand from investors seeking high beta products in dollars and euros, and nowhere more so than in the AT1 market, while insurance and emerging names ...
Yield-hungry investors pile into AT1 pack at tight levels as Fed ignites FIG fireworks
Market
Banco de Crédito e Inversiones (BCI) impressed with its second Additional Tier 1 transaction on Thursday, as the $500m deal attracted a $1.45bn final order book and strengthened the Chilean AT1 track record in the ...
BCI Chilean AT1 welcomed
Focus
“The example of the 1997 dissolution — the only true dissolution — should prevent future presidents from using this weapon carelessly.” ...
A ‘dire situation’? RN potential in focus
Focus
Having been caught off guard by Macron’s Sunday night gamble, markets’ reaction to the risks this threatens to unleash were initially modest, but fears escalated through the week such that by Thursday they were ...
Macron puts Powell in the shade as markets recoil at prospect of RN, torpedoing supply
Market
Buoyed by the return to investment grade of the Hellenic Republic, Greek issuers have been given an increasingly warm welcome by investors across asset classes. In Athens on 29 February, Crédit Agricole CIB syndicate, DCM, ...
Return towards IG: Today’s FIG landscape a promising stage for next Greek adventures
Q&As
Going into the final week of January, the primary market for financial institutions issuance is still buoyant, undeterred by rich valuations and the potential for repricing, as ample liquidity and the big picture of rates ...
Primary defies concerns as investors lap up FI supply, driving spreads and NIPs tighter
Market
Insurance hybrids proved the flavour of the month in the opening weeks of 2024, with Axa attracting peak demand of over €8bn to a €1.5bn inaugural RT1, while an Allianz €1.5bn Tier 2 was able to outperform bank ...
Allianz, Axa star as sub insurance hits sweet spot
Market
The market is pricing in early rate cuts in Europe and the US, apparently ignoring pointed comments from central bankers and a minefield of geopolitical tensions throughout 2024, meaning the risk of a sharp repricing is ...
Macro, geopolitical pressures hold risks as central bank warnings fall on deaf ears
Q&As
Financial institutions investor roundtable with the EBA: macro & structural drivers for 2024 issuance. ...
2024 Outlook Roundtable: Everything Can Happen
Focus
