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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
Swiss Life on 8 June hit a short issuance window to sell a Eu750m perpetual non-call 10 hybrid on the back of a twice oversubscribed order book before conditions again deteriorated and insurance sub debt issuance dried up. ...
Swiss Life: Last hurrah
Q&As
Philippe Picagne, senior analyst — insurance, at CreditSights, and University Professor, examines the challenges facing the European insurance sector, and explores how Solvency II is affecting their strategies, not least ...
CreditSights: European insurers
Focus
SCOR successfully executed a Eu250m 32NC12 Tier 2 issue on 2 June and here Marco Circelli, head of group capital and treasury management, SCOR SE, explains the thinking behind it. ...
SCOR
Q&As
In spite of a clear, early signal of its direction of travel, the German goverment has yet to finalise implementation of the BRRD, in particular details as to how and just which senior unsecured creditors will be ...
BRRD in Germany: key details undecided
Focus
The impact of Solvency II is expected to hit the capital markets in 2015 via the first Tier 1-style structures under the new framework. Bank+Insurance Hybrid Capital surveyed leading market participants to find out how the ...
Solvency II Tier 1 take-off
Q&As
HSBC provided a late highlight to first quarter Additional Tier 1 activity with a $2.25bn transaction in late March that rounded off a constructive first quarter in which issuers across the credit spectrum were able to find ...
HSBC caps Q1 as ECB QE reboots AT1
Market
