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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
An IASB proposal to reclassify the popular perpetual cumulative corporate hybrid structure as liability has cast a shadow over the primary and secondary markets since its release in June. Here, Véronique Diet Offner, in ...
The end of corporate hybrids?
Focus
Groupama put the seal on its recovery on 17 September with its first wholly new money transaction since 2009 and its first since its sub debt was returned to investment grade by Fitch last year, in a EUR500m no-grow 10 year ...
Groupama EUR500m sub comeback seals recovery
Q&As
Moody’s rewarded Portugal’s economic recovery with a return to investment grade in mid-October. In the wake of the positive news, Bank+Insurance Hybrid Capital sought issuer, investor and rating agency views alongside ...
Portugal: Reaping the rewards
Focus
Rising yields, volatility and risk premia combined with developments in regulation are posing challenges and questions for issuers and investors alike — just as the first wave of AT1 calls arrives. Crédit Agricole CIB and ...
AT1: Evolving dynamics
Focus
Recent inaugural green senior non-preferred issues could represent the first green steps down the capital stack by financial institutions. Crédit Agricole CIB and Bank+Insurance Hybrid Capital gathered together specialists ...
Greening the capital stack
Focus
Credit Suisse took advantage of a possibly final pre-summer issuance window to sell a $2bn (EUR1.7bn) Additional Tier 1 (AT1) on 9 July, but demonstrated the underlying unreliable nature of the market by going out with ...
Credit Suisse hits pre-summer window with $2bn AT1
Market
Dutch Additional Tier 1 prices were temporarily hit on 2 July as news emerged that, following a European Commission ruling, they will lose tax deductibility from 1 January 2019. They soon recovered as issuers announced they ...
Dutch AT1 recover after tax status undermined
Market
Caixa Geral de Depósitos (CGD) successfully completed a recapitalisation plan embarked upon last year with the execution of a EUR500m 10 year non-call five Tier 2 deal on 21 June, overcoming volatile markets to price its ...
CGD T2 completes recap despite intra-day volatility
Market
