Moody’s methodology for rating hybrid securities has evolved with the development of post-crisis, Basel III-compliant instruments, most recently with the publication of a Request for Comment on “high trigger” CoCos in ...
Moody’s: AT1 o’clock
Q&As
Bankia made a spectacular return to the Tier 2 market on 13 May just a year after junior bondholders were bailed in following its bail-out in 2012. Here, Fernando Cuesta, head of funding at Bankia, and Vincent Hoarau, head ...
Bankia: Capital comeback
Q&As
Only a few months ago serious questions were being asked about the likely demand for CoCos. Explosive growth this year across currencies has put paid to any such doubts. But the market has not been without its problems. Neil ...
Roundtable: AT1 goes global
Q&As
On 23 April Woori Bank launched the first Basel III-compliant capital instrument from South Korea, a $1bn 10 year bullet with write-down loss absorption. Neil Day asked Chang Yeon Kim, general manager, treasury department, ...
Woori takes Korea into Basel III era
Q&As
Solvency II is finally becoming concrete. While insurers have long been preparing for its arrival, the final details of it and other international standards could yet affect their capital planning. How are market ...
Insurance roundtable: Life under Solvency II
Q&As
After in April 2013 becoming the first European bank to price an AT1 — in US dollars — BBVA on 11 February priced a Eu1.5bn 7% perp non-call five AT1 CoCo. Erik Schotkamp, director, capital and funding management, at ...
BBVA euro shows recovery
Q&As