ABN Amro unblocked the primary market for subordinated bank debt on 23 June with a Eu1.5bn Tier 2 issue that attracted some Eu8bn of orders, raising hopes that a heavy pipeline of delayed AT1 and Tier 2 projects might be ...
ABN Amro premium clears Greek blockage
Market
Länsförsäkringar Bank (LF Bank) sold its inaugural Additional Tier 1 issue on 2 June, a Skr1.2bn (Eu128m) perpetual non-call five issue that achieved tight pricing relative to international markets and also LF’s Swedish ...
LF Bank in tight Skr1.2bn AT1 debut
Market
Bank of Ireland sold its first Additional Tier 1 issue in the second week of June, a Eu750m perpetual non-call five issue that was more than seven times oversubscribed even as high rated issuers struggled to cope with a ...
Bank of Ireland in AT1 debut despite turmoil
Market
Santander UK sold an inaugural public £750m (Eu1.03bn) AT1 at the group holding company level at the end of May in conjunction with a tender offer for a variety of its operating company’s capital instruments, in a move an ...
Santander in £750m UK HoldCo AT1 first
Market
Kommunal Landspensjonskasse (KLP) sold a Eu600m 30 year non-call 10 Tier 2 transaction on 2 June that, according to an official at the issuer, is its first bond issue in nine years and the largest ever from a Norwegian life ...
Norway’s KLP in rare Eu600m Tier 2
Market
HSBC provided a late highlight to first quarter Additional Tier 1 activity with a $2.25bn transaction in late March that rounded off a constructive first quarter in which issuers across the credit spectrum were able to find ...
HSBC caps Q1 as ECB QE reboots AT1
Market
Crédit Agricole Assurances in early January squeezed in the last grandfathered Tier 1 trade before Solvency II took full effect later in the month, with the sector now awaiting the first fully-fledged trades under the new ...
CAA under the wire, Solvency II Tier 1 awaited
Market
UBS used a greenshoe on an Additional Tier 1 on 13 February, including the option for the first time on such an instrument in a bid to improve the performance of AT1s by allowing lead managers to better support new issues. ...
Greenshoe promises greater AT1 stability
Market
Allianz achieved the lowest coupon and tightest spread on a subordinated transaction in the insurance sector since the financial crisis with a Eu1.5bn 2.241% 30 year non-call 10 Tier 2 issue on 30 March. ...
Allianz hits post-crisis tight with Tier 2
Market
