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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
The European Banking Authority is playing a lead role in the evolution of hybrid capital, most recently with the publication of an AT1 monitoring report. Here, Delphine Reymondon, head of unit, capital and asset/liability ...
EBA: AT1 monitor
Q&As
As issuance volumes in Asia gain momentum, Fitch Ratings explores some recent developments and likely future trends relating to Basel III capital securities in three key markets: China, India and South Korea. ...
Asia: Momentum builds as regulations evolve
Focus
Investors in hybrid capital instruments face increasing bail-in risk as regulators around the world expand their toolkits for dealing with future bank failures. Increased bail-in risk is what’s behind Standard & ...
S&P: Increasing bail-in risk drives change
Focus
Insurance companies played a leading role in the autumn hybrid market, with issuers keen to take advantage of low yields and the approach of the forthcoming implementation of Solvency II acting as a catalyst. ...
Insurers tap into demand ahead of Solvency II
Market
Aareal Bank on 13 November became only the second German bank to issue an AT1, and did so at its second attempt, having postponed its transaction in September when market conditions deteriorated. ...
Aareal sells debut AT1 after postponement
Market
Skandinaviska Enskilda Banken (SEB) reopened the AT1 market on 6 November with a debut $1.1bn (Eu883m, Skr8.17bn) perpetual non-call 5.5 issue with a coupon of 5.75% in the first European bank AT1 supply since a deal for ...
SEB draws $5.3bn for $1.1bn debut AT1
Market
A year ago, deeply subordinated debt markets and the nascent bank AT1 asset class were looking forward to an exciting year ahead. Twelve months later, a sense of foreboding is more appropriate. ...
New Year sales?
Editorial
Belgium’s KBC launched one of the more successful bank Tier 2 issues of November, a Eu750m 10 year non-call five deal on 18 November that attracted a Eu2bn book in spite of deteriorating market conditions. Leads DZ, ...
KBC launches Group-level Tier 2
Market
Axa and Generali completed liability management exercises taking in perpetual subordinated notes in October and November, in what is expected to be a growing theme for the insurance sector going into 2015. ...
Axa, Generali optimise through LM exercises
Market
The European Central Bank announced the results of its Comprehensive Assessment of 123 banks’ capital on 2 November and the market was relieved that the results contained no major negative surprises. ...
ECB stress test results: keep calm & carry on
Market
