Bank+Insurance Hybrid Capital

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, 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