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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
Crédit Agricole Assurances (CAA) marked its debut in the primary market on 7 October with a Eu750m perpetual non-call 11 issue. Here, Grégory Erphelin, chief financial officer at CAA, discusses the execution of the debut ...
Crédit Agricole Assurances: Going solo
Q&As
CNP Assurances returned to the subordinated debt market on 12 November to price a Eu500m perpetual non-call 10 issue, with CA-CIB as a joint bookrunner. Vincent Damas, director for ALM and funding, and Stéphane Trarieux, ...
CNP Assurances: Perpetual return
Q&As
The corporate hybrid market has grown up since the crisis, attracting a broader range of credits. Here, Jonathan Blondeau, DCM, capital structuring & liability management at Crédit Agricole CIB, explores its evolution. ...
Corporate hybrids: Coming of age
Focus
The UK has led the way in new-style bank capital instruments and sterling issuance has found its way into investors’ portfolios, but the pace of regulatory change has brought with it uncertainty. A difficult summer has ...
Roundtable: Team UK
Q&As
