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After a time-out to digest the game-changing German fiscal package, European financial institutions issuance resumed on Monday, with investors still willing to put liquidity to work and enjoy the higher yields on offer, but ...
Game on, but pricing rules have changed as investors guard against uncertain world
Market
Crédit Agricole CIB’s Valentin Giust, global macro strategist, Louis Harreau, head of developed markets macro and strategy, and Valentin Marinov, head of G10 FX research and strategy, tackle the historic moves and their ...
Whither growth, rates and spreads after decade in a week?
Q&As
After the epic execution and performance of their comeback issuance, Greek banks are considering their next steps. For their latest local event, Crédit Agricole CIB DCM, advisory and research returned to Athens on 5 ...
Setting the stage for Greece’s top performers amid latest global macro, political dramas
Q&As
Bank of Nova Scotia capped a busy and varied January for Canada’s banks with a $2.65bn (C$3.82bn, €2.54bn) three-tranche senior bail-in trade on Thursday of last week (30 January), two days after compatriot Royal Bank of ...
BNS, RBC round off busy Canadian opening
Focus
The primary market’s strength shows no signs of easing, allowing banks to comfortably achieve size and price across euros and US dollars, as evinced by ballooning order books and absence of new issue concessions for the ...
Unbalanced, undersupplied market allows issuers to go from blackouts to blow-outs
Market
BBVA Mexico switched from its typical 15 year non-call 10 structure to a 10 non-call five for its latest Tier 2 issue on Wednesday, a $1bn (MXN20bn, €967m) 144A/Reg S transaction that attracted a peak $5.4bn of orders, ...
BBVA Mexico makes successful Tier 2 shift
Market
After a banner year for sub debt, 2025 may prove to be a year of transition. Liquidity and supply forecasts could support the market, but stretched valuations and macro risks mean investors will have to be more discerning in ...
2025 Outlook Investor Roundtable: Cross-currents
Focus
A Crédit Agricole CIB survey of 118 investors found little conviction over what 2025 holds, from the direction of US monetary policy to the outlook for covered bonds. And with valuations across senior and subordinated bank ...
2025 – The only way is down? Macro risks trump technicals in CACIB investor survey
From Crédit Agricole CIB
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
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
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
