ZKB issues landmark Basel III compliant tier one perp

20 Jan 2012

Zürcher Kantonalbank issued the first ever Basel III compliant tier one security this week, a Sfr590m 3.5% perpetual non-call 5-1/2 year deal, helped by the quick-moving Swiss regulator.

Finma, the Swiss Financial Market Supervisory Authority, has led the way in signing off on its implementation of Basel III, allowing Swiss banks to move ahead with hybrid issuance. Others have largely refrained from issuing tier one hybrids because of regulatory uncertainty. Those that have issued have tried ...

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