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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
French banks BPCE and Société Générale were warmly received in the Yankee market when they launched Tier 2 subordinated capital issues on two consecutive days in the middle of January. BPCE was out first, selling ...
BPCE, SG welcomed back in Yankee Tier 2s
Market
Bendigo & Adelaide Bank launched an A$300m Tier 2 at BBSW+280bp on 21 January. The transaction was 2.5 times oversubscribed, with more than 35 investors participating, marking the first institutional offering of a ...
In brief: Bendigo in regional first, and more
Market
With standardisation of contingent capital structures such as Crédit Agricole’s AT1 still some way off, pricing the new instruments is by no means easy. Here, Michel Baud, portfolio manager at BNP Paribas AM, shares his ...
CoCos: View from the buy-side
Case Studies
Crédit Agricole’s AT1 transaction carried new structural features and targeted multiple investor bases. Neil Day spoke to Vincent Hoarau, managing director, head of FIG syndicate, Crédit Agricole CIB, about the ...
CASA hits target with dual-trigger
Case Studies
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From Crédit Agricole CIB
Bank+Insurance Hybrid Capital – BIHC – was launched in 2014 as the first publication dedicated to this critical asset class. Produced in association with Crédit Agricole CIB, BIHC was created in response to the ...
Bank & Insurance Hybrid Capital
News in brief
