About BIHC
BIHC Briefings
Podcasts
Magazine archive
Contact us
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
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
