Nordea achieved the lowest coupon on an AT1 with the first such issue from Sweden on 16 September, a $1.5bn (Eu1.16bn, Skr10.7bn) transaction split into two tranches that included a $1bn perpetual non-call five tranche ...
Nordea sets AT1 tight with Swedish first
Market
Hannover Re issued a Eu500m perpetual non-call 10.75 Tier 2 issue on 8 September that highlighted the strong market conditions for insurance companies bringing hybrid bonds. ...
Hannover Re T2 shows issuers’ market for insurers
Market
The AT1 market reopened only hesitantly after a difficult summer when the first new issue from the asset class, a Eu1.5bn deal from Santander, generated lukewarm demand and traded down in the aftermarket, although debut ...
AT1 restart tough, but HSBC revives sentiment
Market
German banks had been notable by their absence from the AT1 market until May, when Deutsche Bank launched the largest such issue yet. The asset class is now primed for further growth, with subordinated debt also coming in ...
Hybrids: Made in Germany
Market
Crédit Agricole and Société Générale played a key part in the development of the European deeply subordinated and hybrid capital market as it took off this year. Cheaper alternatives may deter AT1 supply from some ...
France: Droit au but
Market
Bank of Ireland sold its first benchmark Tier 2 offering since July 2008 in early June, a Eu750m 10 year non-call five that an official at the issuer said marked the bank’s full return to the market and its desire to move ...
Bank of Ireland normalises via Tier 2
Market
Credit Suisse achieved the tightest spread of an Additional Tier 1 in any currency when it launched a $2.5bn (Eu1.84bn, Sfr2.24bn) perpetual non-call 10.5 issue on 11 June, taking advantage of a rallying US market to ...
Credit Suisse, SG hit AT1 tights with Yankees
Market
Nykredit Realkredit launched the first Tier 2 CoCo out of Denmark on 23 May, a Eu600m (Dkr4.48bn) 22 year non-call seven transaction that was five times oversubscribed and is the issuer’s first CRD IV/CRR-compliant capital ...
Nykredit 5x covered in first Danish T2 CoCo
Market
SEB priced a Eu1bn (Skr9bn) 12 year non-call seven Tier 2 issue on 22 May that an official at the issuer noted was the first Swedish deal this year to feature a 12NC7 structure, while Danske Bank had on 16 May issued a ...
SEB fills bucket, Danske wraps up with 12NC7 T2s
Market