Non-preferred issuance favoured amid quiet start for FIG

By Frank Jackman
07 Jan 2021

Non-preferred senior and holding company issuance was the focus for bank borrowers in euros this week, in what has been a slow start to the year by FIG market standards. With cheap central bank funding on offer, issuers have opted to start their funding programmes by filling their regulatory buckets.

“The focus for borrowers is on regulatory capital while funding remains quite cheap via the various available central bank facilities,” said one banker away from the week’s deals. “For financial institutions, the onus is on ensuring that they can meet their TLAC [total loss-absorbing capacity] or MREL ...

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