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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
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
