DBS Group Holdings achieved the lowest ever coupon on a US dollar Additional Tier 1 benchmark on 30 August when it sold its first AT1 issue outside its domestic Singapore dollar market, a $750m perpetual non-call five deal. ...
DBS sets coupon low in debut US$1bn AT1
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Dai-ichi Life sold a $2.5bn subordinated perpetual non-call 10 issue on 13 July with the lowest coupon for such an issue among its peers, ahead of an October move to a HoldCo/OpCo structure for Japan’s largest life ...
Dai-ichi Life sets $2.5bn benchmark before HoldCo move
Market
CNP Assurances launched the first euro benchmark Tier 3 transaction under Solvency II on 12 October, a Eu1bn six year that provided a highlight as most insurance companies turned to the dollar market for subordinated debt. ...
CNP Eu1bn opens Tier 3, while insurers get USD fix
Market
Nykredit Realkredit launched what has been touted as the first Tier 3 instrument in the new bail-in era on 6 June, a Eu500m three year “senior resolution note” (SRN) that sits in between the issuer’s senior unsecured ...
Innovative Nykredit SRN augurs well for Tier 3
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Sumitomo Mitsui Financial Group (SMFG) launched the first HoldCo transaction in euros from a Japanese G-SIB on 7 June and attracted Eu2.75bn of demand to its Eu1.5bn 10 year deal at a level deemed attractive for the issuer. ...
SMFG euro HoldCo debut impresses
Market
Australia & New Zealand Banking Group (ANZ) launched the first Basel III-compliant Additional Tier 1 issue into international markets from Australia on 7 June with a US$1bn (A$1.36bn, Eu881m) perpetual non-call 10 ...
ANZ US$1bn blow-out takes Aussie AT1 offshore
Market
The second quarter proved more constructive for Additional Tier 1 than had the mostly torrid opening months of the year, but although regulators did their part in bringing stability to the asset class, the positive sentiment ...
Brexit lockdown stymies AT1 after Spring green shoots
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UniCredit on 26 May sold its first Tier 2 issue since October 2013, a Eu750m 10.5 year non-call 5.5 transaction, after buying back Eu414m equivalent of old-style Tier 1 and Lower Tier 2 euro and sterling bonds. Here, Waleed ...
Buy-back buoys Eu750m UniCredit Tier 2 return
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UBI Banca launched the first Italian Tier 2 issue of 2016 on 27 April, a Eu750m 10 year non-call five deal priced at 4.25% from IPTs of the 4.5% area on the back of a Eu1.5bn book featuring some 180 accounts. Here, Giorgio ...
UBI reopens Tier 2 for Italians with Eu750m deal
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