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Bank of Ireland sold its first benchmark Tier 2 offering since July 2008 in early June, a Eu750m 10 year non-call five that an official at the issuer said marked the bank’s full return to the market and its desire to move ...
Bank of Ireland normalises via Tier 2
Market
Credit Suisse achieved the tightest spread of an Additional Tier 1 in any currency when it launched a $2.5bn (Eu1.84bn, Sfr2.24bn) perpetual non-call 10.5 issue on 11 June, taking advantage of a rallying US market to ...
Credit Suisse, SG hit AT1 tights with Yankees
Market
Nykredit Realkredit launched the first Tier 2 CoCo out of Denmark on 23 May, a Eu600m (Dkr4.48bn) 22 year non-call seven transaction that was five times oversubscribed and is the issuer’s first CRD IV/CRR-compliant capital ...
Nykredit 5x covered in first Danish T2 CoCo
Market
SEB priced a Eu1bn (Skr9bn) 12 year non-call seven Tier 2 issue on 22 May that an official at the issuer noted was the first Swedish deal this year to feature a 12NC7 structure, while Danske Bank had on 16 May issued a ...
SEB fills bucket, Danske wraps up with 12NC7 T2s
Market
Standard Chartered took advantage of conducive market conditions to secure duration with a £900m (Eu1.3bn, US$1.54bn) 20 year Tier 2 deal on 3 June, its first subordinated debt transaction in sterling since April 2008. ...
Standard Chartered goes longer in sterling Tier 2
Market
Following the recent publication of the Technical Specifications in conjunction with the Stress Tests and the Implementing Technical Standards/Guidelines by EIOPA, we consolidate here the most recent developments in relation ...
Structuring developments in Solvency II capital
Market
Coventry Building Society issues £400m PerpNC5.5 AT1: Coventry, the UK’s third largest building society, issued a £400m perpetual non-call 5.5 AT1 note, marking the deal as the second to convert into Core Capital ...
In brief: Coventry with CCDS conversion, Intesa, UBS T2 in dollars
News in brief
EC launches consultation on the contributions of credit institutions to resolution fund: On 20 June the European Commission launched a consultation on the contributions of credit institutions to resolution financing ...
Resolution mechanisms and funds in focus
Regulation & ratings
A high pace of activity led to just over Eu31bn of euro bank capital supply hitting the market in the first half of the year, nearly 10 times that from the first six months of 2013, but plenty more is said to be in store, ...
Hopes remain high after DB, Bankia top off H1
Market
Nobody said it was easy, as Coldplay’s Chris Martin sang. And he should know. ...
Nobody said it was easy
Editorial
Only a few months ago serious questions were being asked about the likely demand for CoCos. Explosive growth this year across currencies has put paid to any such doubts. But the market has not been without its problems. Neil ...
Roundtable: AT1 goes global
Q&As
After a debut AT1 for UniCredit in late March at least one top tier issuer from each of Italy, Portugal and Spain has tapped the burgeoning Basel III-era market for hybrid bank capital. But with regulatory questions ...
Southern European champs make their mark
Market
