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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
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
