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
Banks’ efforts to build up Total Loss Absorbing Capital started in earnest in February as they began an anticipated wave of Tier 2 issuance in the wake of the TLAC blueprint released by the Financial Stability Board on 10 ...
Starting gun fired on TLAC Tier 2 supply
Market
Insurance companies played a leading role in the autumn hybrid market, with issuers keen to take advantage of low yields and the approach of the forthcoming implementation of Solvency II acting as a catalyst. ...
Insurers tap into demand ahead of Solvency II
Market
Aareal Bank on 13 November became only the second German bank to issue an AT1, and did so at its second attempt, having postponed its transaction in September when market conditions deteriorated. ...
Aareal sells debut AT1 after postponement
Market
Skandinaviska Enskilda Banken (SEB) reopened the AT1 market on 6 November with a debut $1.1bn (Eu883m, Skr8.17bn) perpetual non-call 5.5 issue with a coupon of 5.75% in the first European bank AT1 supply since a deal for ...
SEB draws $5.3bn for $1.1bn debut AT1
Market
Belgium’s KBC launched one of the more successful bank Tier 2 issues of November, a Eu750m 10 year non-call five deal on 18 November that attracted a Eu2bn book in spite of deteriorating market conditions.
Leads DZ, ...
KBC launches Group-level Tier 2
Market
Axa and Generali completed liability management exercises taking in perpetual subordinated notes in October and November, in what is expected to be a growing theme for the insurance sector going into 2015. ...
Axa, Generali optimise through LM exercises
Market
The European Central Bank announced the results of its Comprehensive Assessment of 123 banks’ capital on 2 November and the market was relieved that the results contained no major negative surprises. ...
ECB stress test results: keep calm & carry on
Market
