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Italy’s Intesa Sanpaolo led the short-lived reopening of the bank capital market in the opening weeks of 2016 with $1.5bn Tier 2 and Eu1.25bn AT1 benchmarks. Here, head of treasury Camilla Tinari, explains the issuer’s ...
Intesa Sanpaolo: At the vanguard
Q&As
Pioneer Investments has launched a new fund into the burgeoning but turbulent subordinated bond markets. Pioneer portfolio manager Vianney Hocquet explains how, leveraging off the firm’s experience in the asset class, the ...
Pioneer: In at the deep end
Q&As
Amid moving regulatory targets and internal constraints, Crédit Agricole found the right moment to launch a $1.25bn AT1 in January. Here, Crédit Agricole’s Olivier Bélorgey and Crédit Agricole CIB’s Bernard du ...
CASA: A window of stability
Case Studies
Deutsche Bank was at the eye of the storm that hit the Additional Tier 1 market in February when its outstanding securities fell to as low as the mid-60s because of fears about its ability to pay coupons, but was able to cap ...
Deutsche gets back on its feet after AT1 blow
Market
A proper understanding of the post-crisis supervisory process is an essential angle for assessing banks’ credit risk, argues Sam Theodore, group managing director, financial institutions, at Scope Ratings — even if the ...
The Road from Supervision to Resolution
Regulation & ratings
Crédit Agricole launched a tender offer for up to Eu2bn of euro and sterling high coupon Tier 2 bonds on 14 March. ...
Crédit Agricole tenders for Tier 2 amid reorganisation
Market
Disclosure by insurance companies has improved in the run-up to the implementation date of Solvency II, but the complexities of the new European capital framework coupled with investors’ expectations means that there is ...
Solvency II Disclosure: Raising the Bar
From Crédit Agricole CIB
Having been a pioneer of Additional Tier 1, Banco Popular Español has lived the ups and downs of the asset class since its birth in 2013. Here, Francisco Sancha, CFO at Banco Popular, shares his views on the market’s ...
Banco Popular: Ahead of the game
Q&As
After a handful of deals in September, Additional Tier 1 (AT1) issuance in the last quarter of 2015 was confined to just one benchmark, but market participants said the lack of supply does not hold any negative implications ...
Happy AT1 returns seen despite quiet Q4
Market
The Financial Stability Board (FSB) and Basel Committee on Banking Supervision released the final term sheet for TLAC (total loss-absorbing capacity) on 9 November ahead of its adoption at the G20 meeting in Turkey. This was ...
TLAC term sheet: Finally finalised
From Crédit Agricole CIB
The Dutch Additional Tier 1 market kicked off in January when Rabobank took advantage of long-awaited domestic clarity over treatment of the instrument to open the market. Since then Dutch banks have been active across the ...
Dutch enter new capital era
Focus
Finland’s Municipality Finance on 24 September sold the first Additional Tier 1 instrument from an SSA issuer, a Eu350m 4.5% perpetual non-call 2022 BBB+ deal that had the lowest coupon and highest rating of any AT1. Esa ...
Municipality Finance: Bridge to the future
Q&As
