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The US dollar market proved attractive for Yankee and US banks alike in the opening weeks of the year, with FIG issuance far exceeding supply in euros and funding levels proving more competitive across the capital structure. ...
Dollar market goes from strength to strength despite USTs sell-off
News in brief
Abanca opened the euro subordinated space for 2021 with its second AT1 on 7 January, a €375m perpeutal non-call 5.5 trade that attracted over 200 accounts and achieved pricing inside fair value. Alberto de Francisco ...
‘Remarkable’ result buoys early bird Abanca
News in brief
Vaccines look set to offer the world a way out of the pandemic, but the damage wrought by Covid-19 should ensure monetary and fiscal support persist. How will banks and AT1 fare in light of this and the regulatory response ...
2021: A new hope
Focus
Crédit Agricole CIB hosted a web conference themed “Banking turbulences in a Covid world: the regulatory angle”, with delegates hearing from European Central Bank (ECB) supervisory board member Edouard Fernandez-Bollo, ...
Banking turbulences in a Covid world: ECB, SRB & EBA on supervisory priorities
Focus
Bank of East Asia (BEA) issued an almost five times subscribed $650m perpetual non-call five AT1 yesterday (Wednesday), in the latest sign the Asian market is again proving conducive to bank capital after a bout of ...
Bank of East Asia confirms renewed Asian AT1 strength
Market
Nykredit and Crédit Agricole hit the euro AT1 market last week and found conditions even more advantageous than expected, with supply dynamics and relief measures underpinning demand, even if second wave and political risks ...
Euro AT1s prove hits for Nykredit, CASA, as investors overcome cautious edge to pile in
Market
Unseasonably low September supply has only served to boost the prospects of those banks ready to approach the euro market with carefully crafted capital trades, with investors continuing to see value in the sector as crisis ...
Long duration, no-grow Commerz AT1 shows favourable dynamics of supply-starved euros
Market
The subordinated financial institutions market this week enjoyed a last hurrah ahead of the summer lull, with banks and insurers keen to take advantage of the levels on offer, even if they had to make do with smaller books ...
Financial institutions find slimmer pickings in last minute pre-summer capital deals
Market
The outlook for credit markets is finely balanced after a week in which exuberance gave way to anxiety — but not before ABN Amro, Commerzbank and Nationwide smartly walked away with Additional Tier 1 transactions that ...
AT1s take off after NFP shock, but credit markets quickly come back down to earth
Market
Zurich Insurance launched a 30.25 year non-call 10.25 subordinated transaction into the toppish market on Tuesday, but was able to come away with an upsized €750m trade priced flat to fair value that held its own in the ...
Zurich rides out deteriorating market to score €750m success
Market
Crédit Agricole sold its first callable dollar senior non-preferred issue on Tuesday, a $1.5bn (€1.32bn) trade launched after it bought back some €3.3bn of senior preferred debt across euros, sterling and US dollars and ...
Crédit Agricole $1.5bn SNP hit a coda to tender, Tier 2
Market
Moves to target Additional Tier 1 coupons are ill-conceived and counterproductive, argue CACIB’s FI team, threatening an option that can help banks contribute to the recovery just as supportive market conditions and the ...
MEPs’ AT1 coupon cancellation proposals raise remote but serious risk to product
Market
