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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
Nordea achieved the lowest coupon on an AT1 with the first such issue from Sweden on 16 September, a $1.5bn (Eu1.16bn, Skr10.7bn) transaction split into two tranches that included a $1bn perpetual non-call five tranche ...
Nordea sets AT1 tight with Swedish first
Market
Hannover Re issued a Eu500m perpetual non-call 10.75 Tier 2 issue on 8 September that highlighted the strong market conditions for insurance companies bringing hybrid bonds. ...
Hannover Re T2 shows issuers’ market for insurers
Market
Crédit Agricole took its total AT1 issuance to some Eu3.8bn with a $1.25bn deal on 11 September, making it one of the most active banks in Basel III-compliant capital instruments. Here, Olivier Bélorgey, head of the ...
CASA: AT1 commitment
Case Studies
Germany’s Bayer on 25 June launched the largest euro hybrid bond transaction, a Eu3.25bn dual tranche deal, as part of a major acquisition financing. In doing so, it returned to an instrument it previously issued in 2005. ...
Bayer: Lighting up the market
Focus
The AT1 market reopened only hesitantly after a difficult summer when the first new issue from the asset class, a Eu1.5bn deal from Santander, generated lukewarm demand and traded down in the aftermarket, although debut ...
AT1 restart tough, but HSBC revives sentiment
Market
Italy’s UniCredit launched its second AT1 transaction, a Eu1bn issue, into a hesitant post-summer market at the beginning of September. Here, Waleed El Amir, head of strategic funding and portfolio at UniCredit, gives his ...
UniCredit: Quality over quantity
Q&As
EDF has launched some of the largest hybrid transactions in the market. Here, Carine de Boissezon, senior vice president, investors and markets at EDF, discusses what makes the hybrid instrument attractive to the company, ...
EDF: Hybrid landmarks
Focus
Publish and be damned. Quite. With comic timing, our last issue of Bank+Insurance Hybrid Capital went to press with an iteration of an oft-used post-crisis rhetorical question: “Correction? What correction?” ...
Issue and be damned
Editorial
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
