Investors in hybrid capital instruments face increasing bail-in risk as regulators around the world expand their toolkits for dealing with future bank failures. Increased bail-in risk is what’s behind Standard & ...
S&P: Increasing bail-in risk drives change
Focus
The corporate hybrid market has grown up since the crisis, attracting a broader range of credits. Here, Jonathan Blondeau, DCM, capital structuring & liability management at Crédit Agricole CIB, explores its evolution. ...
Corporate hybrids: Coming of age
Focus
Germany’s Bayer on 25 June launched the largest euro hybrid bond transaction, a Eu3.25bn dual tranche deal, as part of a major acquisition financing. In doing so, it returned to an instrument it previously issued in 2005. ...
Bayer: Lighting up the market
Focus
EDF has launched some of the largest hybrid transactions in the market. Here, Carine de Boissezon, senior vice president, investors and markets at EDF, discusses what makes the hybrid instrument attractive to the company, ...
EDF: Hybrid landmarks
Focus
The non-financial hybrid market enjoyed something of a renaissance in 2013, with conditions proving just right for issuers and investors alike. The technicals of the instrument have been the main concern for investors in the ...
Corporate hybrids: Relative value
Focus
From the death of legacy instruments to the hot spot of AT1, the subordinated debt asset class offers attractive opportunities even after the recent rally, according to Julien de Saussure, fund manager at Edmond de ...
Tier 1: A question of generation
Focus
From the moment Svenska Handelsbanken reopened the bank capital market for 2014, forecasts of the asset class being the one to watch this year have come good. The only obstacle to Nordic banks successfully joining the action ...
Nordics await a piece of the AT1 action
Focus