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
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
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
Going into the final quarter of 2023, the outlook is uncertain after the Fed at its last meeting hammered home its “higher for longer” message. But although the credit market remains subject to the whims of the rates ...
Tone downbeat in wake of hawkish Fed, but selective opportunities for issuance remain
Market
The resumption of euro unsecured bank issuance today (Tuesday) comes on the back of a rapid recovery from post-SVB and Credit Suisse lows, with even AT1s having rebounded strongly. The ball is now in the court of central ...
Euro bank debt recovers strongly to reopen ahead of Easter, as rate outlook improves
Market
With market conditions having cooled in the past fortnight on the back of surprisingly strong data out of the US but also Europe, issuers can expect to encounter more modest demand and pay higher new issue premiums than ...
Pause for thought after blistering FIG start as volatility rises on persistent inflation prints
Market
