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Fitch’s ratings of Tier 2 debt could be cut by one notch under proposed new rating criteria released in a report on 15 November, although AT1 instruments could be lifted one notch. ...
Tier 2 under threat from Fitch draft, AT1 set for boost
Regulation & ratings
After becoming the first European insurance company to publish a green bond framework in June, CNP Assurances on 20 November attracted close to €2bn of demand to a €750m long 30NC10 Tier 2 issue and achieved its lowest ...
CNP Assurances: Responsible investment ‘showcase’ excites
Q&As
Australia & New Zealand Banking Group sold the first SDG-linked Tier 2 bond in euros on 15 November in a step towards achieving ALAC requirements and a A$50bn sustainability target. Simon Reid, director, group funding, ...
ANZ moves towards dual targets with SDG T2
Q&As
Sumitomo Mitsui Financial Group (SMFG) was able to achieve an attractive size and price when it issued a €1.25bn 10 year senior HoldCo benchmark on 15 October, raising funding some 20bp inside what was available in US ...
SMFG happy with size, price on €1.25bn 10s
Market
Banks could substantially cut cost of carry when refinancing AT1s by using a “six month par call” feature introduced in a £600m Nationwide Building Society deal in September that increases issuers’ flexibility. ...
Nationwide ‘six month par call’ promises savings
Market
Some 16 insurance trades hit the market between the post-summer reopening and mid-October, providing for the sector’s busiest period of 2019, as the depressed rate environment enabled companies to raise subordinated debt ...
Depressed rates a twin spur to insurance issuance
Market
UBI Banca made a swift return to the senior non-preferred sector on 14 October, taking advantage of a strong market to sell a €500m long five year benchmark almost 100bp inside where it sold a five year in June. Giorgio ...
UBI Banca caps year with strong SNP return
Q&As
Rabobank sold its first green senior non-preferred bond on 22 October, a €750m seven year priced some 3bp through fair value, with the deal’s impressive outcome attributed largely to its green nature. The Dutch ...
Rabobank green SNP debut impresses on price
News in brief
The half year and Q3 2019 results of European insurance companies again (after the 2016 episode) revealed the volatile nature of the Solvency 2 framework. Several companies reported a sharp drop in the S2 margin and the ...
Insurers’ results reveal S2 headwinds, more to come
From Crédit Agricole CIB
The message behind Mario Draghi’s parting package will be as important going forward as the measures themselves, argues Crédit Agricole CIB Eurozone economist Louis Harreau. Here, he analyses their impact on bond markets, ...
ECB: The Handover of Power
From Crédit Agricole CIB
Landesbank Baden-Württemberg capped a busy 2019 with its inaugural Additional Tier 1 on 28 October, a €750m perpetual non-call 5.5 year issue launched at the market’s peak, helping the rare German supply achieve pricing ...
LBBW €750m AT1 debut hits high
Market
National Australia Bank on 18 November extended the Australian domestic Tier 2 curve with the first 12 year non-call seven issue, after having on 29 July sold the equal-largest US dollar Basel III Tier 2 tranche from an ...
ALAC: NAB goes large offshore, long at home
Q&As
