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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
Bond markets have since mid-April been hit by unprecedented volatility – and, in the words of European Central Bank president Mario Draghi, everyone had better get used to it. Here, investors and Crédit Agricole CIB ...
Getting used to volatility
Focus
ABN Amro unblocked the primary market for subordinated bank debt on 23 June with a Eu1.5bn Tier 2 issue that attracted some Eu8bn of orders, raising hopes that a heavy pipeline of delayed AT1 and Tier 2 projects might be ...
ABN Amro premium clears Greek blockage
Market
Aviva reopened the European market for not only insurance company subordinated debt but more generally financial institutions sub debt after a six week hiatus on 28 May with a dual tranche Eu900m and £400m Tier 2 offering ...
Aviva ends sub drought, peers hit window
News in brief
Länsförsäkringar Bank (LF Bank) sold its inaugural Additional Tier 1 issue on 2 June, a Skr1.2bn (Eu128m) perpetual non-call five issue that achieved tight pricing relative to international markets and also LF’s Swedish ...
LF Bank in tight Skr1.2bn AT1 debut
Market
Bank of Ireland sold its first Additional Tier 1 issue in the second week of June, a Eu750m perpetual non-call five issue that was more than seven times oversubscribed even as high rated issuers struggled to cope with a ...
Bank of Ireland in AT1 debut despite turmoil
Market
Santander UK sold an inaugural public £750m (Eu1.03bn) AT1 at the group holding company level at the end of May in conjunction with a tender offer for a variety of its operating company’s capital instruments, in a move an ...
Santander in £750m UK HoldCo AT1 first
Market
Kommunal Landspensjonskasse (KLP) sold a Eu600m 30 year non-call 10 Tier 2 transaction on 2 June that, according to an official at the issuer, is its first bond issue in nine years and the largest ever from a Norwegian life ...
Norway’s KLP in rare Eu600m Tier 2
Market
After six weeks without any financial institutions sub debt issuance, Aviva successfully reopened the market on 28 May with a dual tranche, Eu900m and £400m, Tier 2 offering. Here, Susan Sharrock Yates, deputy group ...
Aviva: Friendly reopener
Q&As
