About BIHC
BIHC Briefings
Magazine archive
Contact us
Crédit Agricole Assurances in early January squeezed in the last grandfathered Tier 1 trade before Solvency II took full effect later in the month, with the sector now awaiting the first fully-fledged trades under the new ...
CAA under the wire, Solvency II Tier 1 awaited
Market
As the details of the Solvency II are fleshed out, Hervé Ekué, partner, Allen & Overy LLP, Paris, offers an overview of Tier 1 issuances under the insurance industry framework. ...
A tool to satisfy capital requirements
Focus
UBS used a greenshoe on an Additional Tier 1 on 13 February, including the option for the first time on such an instrument in a bid to improve the performance of AT1s by allowing lead managers to better support new issues. ...
Greenshoe promises greater AT1 stability
Market
Allianz achieved the lowest coupon and tightest spread on a subordinated transaction in the insurance sector since the financial crisis with a Eu1.5bn 2.241% 30 year non-call 10 Tier 2 issue on 30 March. ...
Allianz hits post-crisis tight with Tier 2
Market
A year ago Nordic banks had yet to issue Additional Tier 1, but 12 months on virtually all the region’s leading players have taken up the capital instrument — whether in euros, dollars or their local currencies. However, ...
Nordic season!
Focus
Crédit Agricole CIB DCM Solutions conducted an investor survey on Solvency II Tier 1 hybrid instruments in January and we are pleased to present the results here. ...
Investor survey Solvency II Tier 1
News in brief
Crédit Agricole on 9 March sold the largest ever Tier 2 issue, a dual-tranche transaction comprising Eu2bn and $1.5bn pieces that attracted record demand and constituted the first dual-tranche Tier 2 benchmark. Here, ...
Crédit Agricole Tier 2×2
Case Studies
Crédit Agricole CIB’s capital solutions team provides here an overview of the development of the global TLAC and EU MREL measures, exploring their differences and highlighting their potential impact on the Additional Tier ...
AT1 coupon cancellation risk: Consequences of MREL and TLAC breaches
Regulation & ratings
FSB sets out G20 Istanbul agenda: The Financial Stability Board (FSB) published on 11 February its Letter to G20 Finance Ministers and Central Bank Governors on Financial Reforms. ...
Banking updates:
Regulation & ratings
Banks’ efforts to build up Total Loss Absorbing Capital started in earnest in February as they began an anticipated wave of Tier 2 issuance in the wake of the TLAC blueprint released by the Financial Stability Board on 10 ...
Starting gun fired on TLAC Tier 2 supply
Market
Bankers were expecting 2015 to come to an early end for bank capital transactions after a November resurgence in activity quickly fizzled out against the backdrop of poor sentiment and market participants were again left ...
Hybrids sour into year-end after comeback
News in brief
After a year of two halves, Bank+Insurance Hybrid Capital surveyed leading players in the hybrid market, primarily on the buy-side, to find out what lessons can be learned from the highs and lows of 2014, and what they ...
2014 Review – 2015 Outlook
Focus
