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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
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
