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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
Q&As
Jyske Bank issued the first callable senior non-preferred transaction from the Nordics on 13 June, a EUR500m five year non-call four transaction launched as BRRD2 was coming into force, with more issuers potentially adopting ...
Jyske champions callables after Nordic SNP first
Market
Standard Chartered attracted over EUR3.4bn of orders for an inaugural sustainability bond on 25 June, building on a broader green and sustainable product framework to offer investors an uncommon opportunity to support the UN ...
SDG impact helps StanChart sustainability debut fly
Market
The window for Santander to decide whether to call an AT1 in March had been a date for the diary since the turn of the year, and the Spanish bank duly made history with the first non-call. But the market’s reaction ...
AT1: To call, or not to call?
Focus
The European Banking Authority’s Q4 2018 Risk Dashboard, published on 29 March, showed 2018 to have been a difficult year for capital generation for the European banking system as a whole, as evidenced by the decreasing ...
European banks: Headwinds limit capital build in 2018, more to come
From Crédit Agricole CIB
Market conditions proved exceptional through the end of the first quarter as credit markets retraced the widening they had suffered into the end of 2018, to provide ample opportunities for issuers to launch bank capital ...
Turnaround in outlook sparks AT1 boom
Market
Coventry Building Society offered a template to more economically manage upcoming calls of Additional Tier 1 last month when it launched a tender offer for an AT1 ahead of its first call and less than five years since its ...
Coventry AT1 tender/new issue promises savings
Market
Aegon attracted some EUR2.5bn of orders to an inaugural Restricted Tier 1 on 28 March, adding welcome supply to the still-thin RT1 sector, after having postponed the debut in October in less receptive market conditions. ...
Patient Aegon boosts RT1 with inaugural EUR500m
Market
An inaugural Danske Bank green bond on 12 March allowed it to mitigate concerns over its role in a money-laundering scandal, with the EUR500m no-grow five year non-preferred senior deal priced at a level well inside where a ...
Green bond debut mitigates Danske premium
Market
After a defensive start to the year against an unfriendly backdrop, Crédit Agricole moved quickly to hit windows as they appeared when the market turned bullish, and exceeded expectations in the first quarter. Olivier ...
Crédit Agricole: Hitting the Q1 windows
Case Studies
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
Q&As
