Atanas Dinov

Sparebanken Vest and ING find demand across the covered curve

Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid

Frank Jackman, May 14, 2024

Regulatory Capital

A branch of Intesa Sanpaolo In Brindisi, Italy. Intesa Sanpaolo is Italy's largest bank by assets and the world's 27th largest.

Capital bonanza: Intesa jumps into red-hot AT1 market as T2 supply swells

◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label

Atanas Dinov, May 13, 2024

FIG

GlobalCapital Santander AT1 instrument 001.jpg

Open season for AT1: European banks launch refinancing salvo

Santander shows big AT1 deals work best alongside tender offers

Atanas Dinov, May 09, 2024

Regulatory Capital

UK FIG issuers reload on sterling capital

◆ Barclays pushes 'very impressive' AT1 flat to fair value after becoming net negative AT1 issuer ◆ Pension Insurance Corp follows euro peers with tier two ◆ 'Horribly undersupplied' investors pile in orders

Atanas Dinov, May 08, 2024

Regulatory Capital

Santander, Spain. Detail of the Edificio Banco de Santander withh its coat of arms, a neoclassical building headquarters of the Banco Santander in the

Bank capital flies as another ‘corner turned’ ahead of rate cuts

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

Atanas Dinov, May 07, 2024

FIG

London, England, UK - 28 June 2023: Sign above the entrance of a branch of Barclays bank in central London.

Late deals boost optimism for FIG primary market

Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others

Sarah Ainsworth, May 02, 2024