About BIHC
BIHC Briefings
Podcasts
Magazine archive
Contact us
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
Was it all a nightmare? ...
We’re not quite back in Kansas
Editorial
Royal Bank of Scotland launched its inaugural Additional Tier 1 transaction on 5 August, a $3.15bn two-tranche deal. Afterwards, Scott Forrest, head of capital strategy and debt capital markets, RBS, spoke to Bank+Insurance ...
RBS: Improving proposition
Q&As
Allied Irish Banks on 26 November launched the first Additional Tier 1 transaction in euros in two months, a Eu500m perpetual non-call five deal that came just a week after the Irish bank made its return to the subordinated ...
AIB in two step capital comeback
Market
Banco Santander launched its first subordinated transaction in eight months on 12 November, a $1.5bn (Eu1.38bn) 10 year bullet that represented a return to the US dollar Tier 2 market for the Spanish national champion. ...
Santander returns to US with $1.5bn T2
Market
Assicurazioni Generali on 20 October sold the largest euro-denominated insurance sub debt issue since March, a Eu1.25bn 32 year non-call 12 Tier 2 issue on that attracted almost Eu5bn of demand and helped the sector onto a ...
Generali Eu1.25bn Tier 2 impresses
Market
CNP Assurances and Scor SE provided some year-end cheer for the insurance sector at the beginning of December with Eu750m and Eu500m subordinated bond issues, respectively, that represented the first such benchmark euro ...
CNP, Scor in uplifting insurance coda
Market
Nordea attracted over Eu4.5bn of demand for a Eu750m (Skr7bn) 10 year non-call five Tier 2 issue on 2 November that was the first investment grade Tier 2 transaction since the beginning of September, paving the way for a ...
Nordea blowout reopens Tier 2 after hiatus
Market
BRRD, MREL, RWAs... The “alphabet soup” of regulation shows no signs of cooling, and financial institutions are being forced to reassess balance sheet managment and funding in light of the paradigm shifts in bank ...
Bank resolution: Constructing new strategies
Q&As
The Bail-In Working Group (BIWG) of the International Capital Market Association (ICMA) wrote to the European Central Bank over the summer to set out views on the operation of the bail-in mechanism, notably that the ...
Bail-in: Uninvestable consequences?
Focus
Deals barely subscribed. New issue premiums soaring. Execution windows ever slimmer. And market volatility at unprecedented levels. Could it get any worse? You bet. ...
A vote for volatility
Editorial
