BPCE gears up for first senior non-preferred deal in yen

Japan Tokyo night 230px
By Tyler Davies
12 Jan 2017

BPCE has filed documentation allowing it to issue total-loss absorbing capacity (TLAC) eligible senior bonds in the Samurai market, and the first ever yen-denominated non-preferred issue could arrive as early as next week.

In a new filing with Japan’s finance ministry, France’s BPCE included the possibility of selling senior non-preferred bonds — the newest form of debt designed to be eligible for TLAC ratios and to count towards Europe’s minimum requirement for own funds and eligible liabilities (MREL).

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