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Swedbank on 15 May sold the first sub-100bp Tier 2 trade since the collapse of Lehman Brothers, a EUR650m 10.5NC5.5 deal priced at 82bp over mid-swaps — over 30bp tighter than what had been the previous Tier 2 tight for ...
Swedbank hits Tier 2 tight in heady conditions
Market
Crédit Agricole surprised the market in March by becoming the first French bank not to call a perpetual hybrid Tier 1 instrument, in line with increasingly economic bases for such decisions in Europe, but softened the ...
CASA innovates with new combined LM offer
Market
Spain could take over the initiative from the European Commission and introduce national senior non-preferred (SNP) legislation ahead of the summer break, with the introduction of such debt featuring in a broader draft law ...
Draft Spanish SNP law emerges after Santander deal
Market
Despite only having been opened at the tail-end of 2016, the senior-non preferred matured quickly in 2017, as issuers sought to diversify and optimise their use of the new instrument in a variety of maturities, currencies ...
Senior non-preferred menu expands quickly in 2017
Market
Skandinaviska Enskilda Banken (SEB) took advantage of a strong post-FOMC market to attract some $3bn of demand to a $600m perpetual non-call five Additional Tier 1 on 16 March, its first AT1 transaction in over two years. ...
SEB speeds to $3bn book for $600m AT1 return
Market
Caixa Geral de Depósitos in March completed possibly the most anticipated Additional Tier 1 issue of the past year, in a deal that was key to unlocking an EC-agreed recapitalisation and restructuring plan, and which ...
CGD: AT1 unlocks the future
Q&As
Sweden’s final MREL framework means the country’s banks again face stiffer requirements than elsewhere, prompting a latest clash with the regulatory authorities. The next step is the creation of instruments to meet the ...
Sweden: The MREL smoke clears
News in brief
Bringing together various members of the ICMA Asset Management & Investors Council’s Bail-In Working Group, regulators, issuers and other market participants, a bail-in seminar, chaired by Tim Skeet, was held on 7 ...
Bail-in: Joining the dots
Focus
Crédit Agricole launched the first issue of the new class of French senior non-preferred debt on 13 December, a Eu1.5bn 10 year issue that came just two days after the respective law was promulgated and three weeks after ...
CASA primes EU-wide senior non-preferred mart
Market
Financial institutions issuance enjoyed an unprecedentedly buoyant year-end in 2016, with a trio of European issuers selling Additional Tier 1 (AT1) instruments in a variety of formats, and 2017 is also expected to open with ...
Expectations high after year-end upside surprise
Market
Proposals for the next iteration of CRR/CRD and BRRD have been unveiled just as negotiations over Basel III revisions reach a critical stage and an unknown new administration arrives in the US. The EU moves augur well for ...
Take two
Regulation & ratings
Crédit Agricole launched the first senior non-preferred benchmark on 13 December, just days after the respective French law became effective and in the wake of the European Commission proposing EU-wide adoption of such an ...
Senior non-preferred: CASA opens new segment
Case Studies
