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Although Solvency II is not triggering changes to Fitch’s ratings of insurers, it is a credit positive for the European industry, according to Harish Gohil, managing director, EMEA insurance, Fitch Ratings, who discusses ...
Tier 1 awaited after Solvency II arrival
Regulation & ratings
UniCredit on 26 May sold its first Tier 2 issue since October 2013, a Eu750m 10.5 year non-call 5.5 transaction, after buying back Eu414m equivalent of old-style Tier 1 and Lower Tier 2 euro and sterling bonds. Here, Waleed ...
Buy-back buoys Eu750m UniCredit Tier 2 return
Market
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News in brief
UBI Banca launched the first Italian Tier 2 issue of 2016 on 27 April, a Eu750m 10 year non-call five deal priced at 4.25% from IPTs of the 4.5% area on the back of a Eu1.5bn book featuring some 180 accounts. Here, Giorgio ...
UBI reopens Tier 2 for Italians with Eu750m deal
Market
Crédit Mutuel Arkéa returned to the Tier 2 market for the first time in eight years in May and was joined by La Banque Postale the following week, with the two financial institutions launching their Eu500m subordinated ...
Arkéa, La Banque Postale return before first non-preferred
Market
“That country now has collapsed — politically, economically, monetarily and constitutionally, and you will have years ahead of you to get out of this mess.” ...
Who’s irresponsible now?
Editorial
The year began inauspiciously, with regulatory pronouncements casting a pall of fear and uncertainty over an AT1 market already spooked by macroeconomic news. We asked leading market participants how they expect key ...
2016: New headwinds hit
Focus
A key contributing factor to the Additional Tier 1 market’s turbulent start to 2016 was a European Banking Authority (EBA) Opinion that would potentially tighten the rules on an issuer’s ability to pay AT1 coupons, ...
Commission review raises hopes after EBA bombshell
Regulation & ratings
Bombshells! Death spirals! Meltdown! Events in the Additional Tier 1 market made for a perfect storm of journalistic clichés in the opening months of the year, and for once their use was justified. ...
Beyond the headlines
Editorial
Santander on 15 March reopened the Tier 2 market in the wake of the European Central Bank’s boost to its QE programme the previous Thursday, and Commerzbank was able to successfully launch a long-planned Tier 2 benchmark ...
Santander reopens Tier 2 post-ECB, Commerz follows
Market
UBS breathed life into the Additional Tier 1 market on 14 March with the first such issue in more than two months, making a move to sell a $1.5bn AT1 that was bold even if the asset class had been a beneficiary of European ...
UBS unlocks market as AT1 steps back from brink
Market
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
