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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
Solvency II is finally becoming concrete. While insurers have long been preparing for its arrival, the final details of it and other international standards could yet affect their capital planning. How are market ...
Insurance roundtable: Life under Solvency II
Q&As
After in April 2013 becoming the first European bank to price an AT1 — in US dollars — BBVA on 11 February priced a Eu1.5bn 7% perp non-call five AT1 CoCo. Erik Schotkamp, director, capital and funding management, at ...
BBVA euro shows recovery
Q&As
Crédit Agricole’s $1.75bn perpetual non-call 10 Additional Tier 1 transaction in January got the CoCo market off to a pioneering start for 2014. Neil Day spoke to Bernard Delpit, Crédit Agricole Group CFO, and Olivier ...
Crédit Agricole points to AT1 future
Case Studies
From the moment Svenska Handelsbanken reopened the bank capital market for 2014, forecasts of the asset class being the one to watch this year have come good. The only obstacle to Nordic banks successfully joining the action ...
Nordics await a piece of the AT1 action
Focus
In November 2013, the Trilogue agreement on the Omnibus II Directive was welcomed by the market as it clearly paves the way for the implementation of Solvency II in 2016. By Michael Benyaya of Crédit Agricole ...
Solvency II: Back on track, but hurdles remain
From Crédit Agricole CIB
UBS priced the first euro CoCo transaction of the year on 6 February, a Eu2bn 12 year non-call seven low trigger Tier 2 that was more than five times oversubscribed to underscore the growth in demand among the euro investor ...
Investors rush to first UBS euro CoCo
Market
Following the meeting of the Eurogroup of 27 January, Jeroen Dijsselbloem (pictured), Dutch finance minister and the Eurogroup’s president, was reported to have said: “On the SRM, our aim is to finalise the negotiations ...
Regulatory & ratings updates
Regulation & ratings
Allianz achieved the smallest coupon ever for an insurance hybrid issue in the Swiss franc market in January when it sold a Sfr500m (Eu408m) perpetual non-call five-and-a-half-year issue, according to a lead syndicate ...
Allianz gets tight pricing in hybrid Swissie
Market
