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Commerzbank launched its long-awaited debut AT1 on 2 July and attracted some $11bn of orders to the $1bn perpetual non-call April 2025 deal, with regulatory developments, the issuer’s credit story and market conditions ...
Inaugural Commerzbank $1bn AT1 worth the wait
Market
Cinemagoers could be forgiven for feeling a degree of fatigue in the face of Hollywood’s obsession with remakes, reboots and sequels, and financial market participants likewise. ...
APP: The Sequel
Editorial
...
Regulatory updates from CACIB DCM solutions
Regulation & ratings
Kookmin Bank (KB) sold its first Additional Tier 1 on 25 June, a $500m (KRW593bn) perpetual non-call five transaction that attracted some $2.7bn of orders, and did so under the guise of its sustainable financing framework, ...
KB debuts in AT1 under sustainability framework
Market
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
Landesbank Baden-Württemberg issued its third green bond in just over two months on 17 July, a EUR500m no-grow seven year senior non-preferred issue priced flat to where the German bank sold a EUR750m five year SNP ...
LBBW in quick green SNP return as levels tighten
Market
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
