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Generali started subordinated issuance from insurers with a bang in January when it attracted over EUR5bn of orders to a EUR500m 10 year bullet and achieved its lowest ever coupon on a sub trade, highlighting the attractive ...
Generali bullet starts insurance sub with a bang
Market
Analysis by Crédit Agricole CIB shows that the varied methodologies used by insurance companies to calculate financial leverage ratios make significant differences to the ratios they communicate. However, Michael Benyaya ...
Insurers’ financial leverage ratios: Well adjusted?
From Crédit Agricole CIB
Investor scrutiny of call schedules increased further in the wake of Santander’s AT1 non-call, with a CACIB investor survey finding resistance to giving away quarterly optionality for free, although a KBC EUR500m AT1 on 26 ...
Call schedules face closer scrutiny
Focus
Volksbank Wien on 2 April successfully revived an inaugural AT1 transaction initially scheduled for October 2018, quickly executing a EUR220m perpetual non-call five transaction at 7.75%, a level seen as attractive by ...
Volksbank Wien completes revived EUR220m AT1 debut
Market
In spite of the insurance sector’s attractions, technicals contributed to it underperforming in 2018. Crédit Agricole CIB and Bank+Insurance Hybrid Capital gathered issuers and investors together to find out how ...
Insurance Outlook 2019
Focus
Politics trumps economic fundamentals in the New Year outlook, an investor survey by Crédit Agricole CIB’s FI syndicate has found. But in spite of the volatility Italy and Brexit may bring, the buyside is less bearish ...
CACIB FI syndicate investor survey: Drowning out the noise
Focus
Jyske Bank played into the safety-first mentality of year-end issuance in fragile markets with a EUR500m three year inaugural euro senior non-preferred deal last Wednesday that delivered on its commitment to investors, after ...
Jyske successfully delivers EUR500m SNP despite uneasy mart
Market
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
Q&As
To go or not to go? That is the increasingly fraught question issuers will be asking themselves in 2019 as macroeconomic and geopolitical uncertainty persists and volatility drives investors’ strategies, according to ...
2019: Primary outlook from CACIB’s FI syndicate
Q&As
A row between the Italian government and the EU over the peripheral country’s budget and then the climax of the UK’s Brexit negotiations presented issuers and investors with a veritable minefield of events to navigate ...
Brexit, Italy prove too hot to handle as deals suffer
Market
Munich Re demonstrated its appeal to investors with a twice-subscribed EUR1.25bn Tier 2 trade on 15 November amid market conditions that led to a UK covered bond being pulled, as insurers experienced mixed outcomes in the ...
Rare Munich Re shows strengths amid fall volatility
Market
ING sold the largest green bond from a European bank on 8 November, a EUR2.6bn equivalent inaugural green senior HoldCo transaction, after Commerzbank had on 16 October chosen the senior non-preferred format for its green ...
ING HoldCo, Commerz SNP hit green highs
Market
