About BIHC
BIHC Briefings
Podcasts
Magazine archive
Contact us
Banks could substantially cut cost of carry when refinancing AT1s by using a “six month par call” feature introduced in a £600m Nationwide Building Society deal in September that increases issuers’ flexibility. ...
Nationwide ‘six month par call’ promises savings
Market
Some 16 insurance trades hit the market between the post-summer reopening and mid-October, providing for the sector’s busiest period of 2019, as the depressed rate environment enabled companies to raise subordinated debt ...
Depressed rates a twin spur to insurance issuance
Market
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
Rabobank sold its first green senior non-preferred bond on 22 October, a €750m seven year priced some 3bp through fair value, with the deal’s impressive outcome attributed largely to its green nature. The Dutch ...
Rabobank green SNP debut impresses on price
News in brief
The half year and Q3 2019 results of European insurance companies again (after the 2016 episode) revealed the volatile nature of the Solvency 2 framework. Several companies reported a sharp drop in the S2 margin and the ...
Insurers’ results reveal S2 headwinds, more to come
From Crédit Agricole CIB
The message behind Mario Draghi’s parting package will be as important going forward as the measures themselves, argues Crédit Agricole CIB Eurozone economist Louis Harreau. Here, he analyses their impact on bond markets, ...
ECB: The Handover of Power
From Crédit Agricole CIB
Landesbank Baden-Württemberg capped a busy 2019 with its inaugural Additional Tier 1 on 28 October, a €750m perpetual non-call 5.5 year issue launched at the market’s peak, helping the rare German supply achieve pricing ...
LBBW €750m AT1 debut hits high
Market
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
The Royal Bank of Scotland Group issued the first bond from a UK financial institution aligned with the Social Bond Principles on 8 November, a €750m six year non-call five social bond with proceeds earmarked for SME ...
RBS pushes social agenda with €750m SME debut
Market
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
Q&As
Generali became the first European insurer to issue a green bond on 23 September, a €750m 11 year Tier 2 deal launched in conjunction with a tender for €1bn-equivalent of outstanding subordinated debt, and the landmark ...
Generali green insurance first boosted by sub tender
Market
Zurich Insurance issued the longest ever senior bond from a European insurance company on 11 June, a EUR500m 20 year deal launched on the back of investors’ search for yield, whose impact was also felt in insurers’ ...
Zurich in senior record, insurers set to get funky
Market
