Australia & New Zealand Banking Group sold the first SDG-linked Tier 2 bond in euros on 15 November in a step towards achieving ALAC requirements and a A$50bn sustainability target. Simon Reid, director, group funding, ...
ANZ moves towards dual targets with SDG T2
Q&As
UBI Banca made a swift return to the senior non-preferred sector on 14 October, taking advantage of a strong market to sell a €500m long five year benchmark almost 100bp inside where it sold a five year in June. Giorgio ...
UBI Banca caps year with strong SNP return
Q&As
National Australia Bank on 18 November extended the Australian domestic Tier 2 curve with the first 12 year non-call seven issue, after having on 29 July sold the equal-largest US dollar Basel III Tier 2 tranche from an ...
ALAC: NAB goes large offshore, long at home
Q&As
On 23 September, Generali reinforced its sustainability push by issuing the first green bond from a European insurer. The landmark trade was the finale to a liability management exercise that helped the Italian insurer ...
Generali hits targets with green first
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S&P on 1 July released updated criteria for the insurance sector and hybrids, with insurers’ issuance most impacted by the latter. Dennis Sugrue, senior director and insurance sector lead, S&P Global Ratings, ...
S&P: Insurers centre stage in criteria updates
Q&As
On 9 July, APRA announced ALAC requirements under which Australia’s big four have to raise some A$50bn of additional Tier 2 by 2024. Less than a week later, Westpac opened the new subordinated innings with a US$2.25bn ...
Westpac: Tier 2 opens ALAC test with a bang
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Banco Bilbao Vizcaya Argentaria took advantage of the improvement in market conditions in the first quarter to attract strong demand for AT1, Tier 2 and senior non-preferred at minimal new issue premiums. Bank+Insurance ...
BBVA: Capital strategy rewarded
Q&As
Supported by the fruits of its Transform 2019 plan and pan-European message, UniCredit has recently underlined its broad market access in a series of TLAC-driven trades, attracting over $20bn of orders to $10bn of deals in ...
UniCredit: Progress story gets global buy-in
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Do AT1 trigger levels still make sense? What factors determine whether banks can call AT1s? And how could Brexit affect UK law issuance? Delphine Reymondon, head of the liquidity, leverage, loss absorbency and capital unit, ...
EBA: Triggers, calls & UK law
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