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Much has changed since Crédit Agricole SA first accessed the US dollar Additional Tier 1 market in January, meaning a flexile approach was adopted for its latest AT1. Here, Vincent Hoarau, managing director, head of FIG ...
Crédit Agricole: Navigating different markets
Case Studies
ECB publishes “join-up” manual: The European Central Bank (ECB) on 8 August published a manual detailing how it will incorporate findings from its AQR (Asset Quality Review) into stress test projections, ...
Banking updates: Comprehensive Assessment moves ahead
Regulation & ratings
EIOPA publishes update on Guidelines and Submission of Information to NCAs: On 18 August, the European Insurance & Occupational Pensions Authority (EIOPA) published updated information concerning the guidelines on ...
Insurance updates: ESAs Joint Committee, G-SIIs, PRA and more
Regulation & ratings
The non-financial hybrid market enjoyed something of a renaissance in 2013, with conditions proving just right for issuers and investors alike. The technicals of the instrument have been the main concern for investors in the ...
Corporate hybrids: Relative value
Focus
German banks had been notable by their absence from the AT1 market until May, when Deutsche Bank launched the largest such issue yet. The asset class is now primed for further growth, with subordinated debt also coming in ...
Hybrids: Made in Germany
Market
France’s CNP Assurances on 27 May sold a Eu500m 31NC11 subordinated bond that addressed Solvency I, rating agency and the latest Solvency II requirements, while achieving the third-lowest coupon on a euro-denominated ...
CNP Assurances: Achieving new standards
Case Studies
From the death of legacy instruments to the hot spot of AT1, the subordinated debt asset class offers attractive opportunities even after the recent rally, according to Julien de Saussure, fund manager at Edmond de ...
Tier 1: A question of generation
Focus
Crédit Agricole and Société Générale played a key part in the development of the European deeply subordinated and hybrid capital market as it took off this year. Cheaper alternatives may deter AT1 supply from some ...
France: Droit au but
Market
Moody’s methodology for rating hybrid securities has evolved with the development of post-crisis, Basel III-compliant instruments, most recently with the publication of a Request for Comment on “high trigger” CoCos in ...
Moody’s: AT1 o’clock
Q&As
Bankia made a spectacular return to the Tier 2 market on 13 May just a year after junior bondholders were bailed in following its bail-out in 2012. Here, Fernando Cuesta, head of funding at Bankia, and Vincent Hoarau, head ...
Bankia: Capital comeback
Q&As
Correction? What correction? The Ides of March seem a long time ago now, with the underperformance of deals for the likes of KBC and Santander now looking likely to go down as a footnote in the history of the AT1 market ...
How low can you go?
Editorial
The Dutch Ministry of Finance on 11 June published a proposal for new legislation in Article 29a of the Dutch corporate income tax act to open the market to AT1 bonds from banks. ...
Dutch progress in AT1 tax campaign
Regulation & ratings
