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The European Parliament’s recent acceptance of key Commission proposals provides further clarity over the EU’s new financial landscape. Jonathan Blondeau, DCM, capital structuring & liability management at Crédit ...
BRRD & SRM: Where do we stand?
From Crédit Agricole CIB
Crédit Agricole broke new ground in the hybrid market in early April, selling a Eu1.61bn equivalent dual tranche transaction that was the first multi-currency AT1 benchmark and the first time a non-UK financial institution ...
Crédit Agricole in euro/sterling AT1 first
Market
On 23 April Woori Bank launched the first Basel III-compliant capital instrument from South Korea, a $1bn 10 year bullet with write-down loss absorption. Neil Day asked Chang Yeon Kim, general manager, treasury department, ...
Woori takes Korea into Basel III era
Q&As
Danske Bank opened the Nordic CoCo market on 5 March, drawing some Eu13bn of demand for a much anticipated AT1 transaction of Eu750m (Dkr5.60bn) before the market took a weaker turn. ...
Danske opens Nordic AT1s, sticks to size pledge
Market
Germany has been notable by its absence in the burgeoning market for Additional Tier 1. But a key obstacle has been removed thanks to a letter from the Federal Ministry of Finance. By Florian Lechner, partner, tax, ...
Germany: Ministry clears tax treatment of AT1 capital
Regulation & ratings
The plenary vote of the European Parliament on the Single Resolution Mechanism, Bank Resolution & Recovery Directive (BRRD) and the Deposit Guarantee Schemes (DGS) took place on April 15. The European Parliament (EP) and ...
Regulatory updates: Parliament adopts SRM, BRRD and DGS
Regulation & ratings
Generali priced its first subordinated issue in more than a year on 23 April, a Eu1bn 12 year Tier 2 that an official at the issuer said prompted a welcome repricing of its curve and took advantage of anticipated ...
Generali back to the future in Solvency I sub
Market
France’s BPCE priced an inaugural sterling subordinated deal on 9 April, a £750m (Eu911m) 15 year Tier 2 transaction that came in between euro issues for BNP Paribas and La Banque Postale. ...
French trio in Tier 2, BPCE opts for sterling
Market
Swedbank priced a Eu750m 10 year non-call five Tier 2 transaction on 17 February, the Swedish bank’s first such benchmark since November 2012, and an official at the issuer said it was launched in anticipation of final ...
Swedbank in T2 tight
Market
Banco Santander and KBC Group made their AT1 debuts in early March with new issues that came up against the limits of a market that had previously gone from strength to strength, although bankers on the deals defended their ...
KBC, Santander debuts give AT1 a reality check
Market
Europe NordLB issues US dollar T2 notes: On 3 April – after a roadshow taking in London, Singapore, Hong Kong and Switzerland – Norddeutsche Landesbank issued a US dollar 10 year bullet Reg S-only Tier 2 transaction. ...
In brief: NordLB in dollars, plus Tier 2 returns
News in brief
Welcome to the first edition of Bank & Insurance Hybrid Capital, a new publication dedicated to the asset class that we are delighted to be bringing you in association with our partners at Crédit Agricole ...
CoCos ride wave of liquidity
Editorial
