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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
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
