◆ Aviva takes advantage with with long dated tier two ◆ Close Brothers prepares debut AT1 ◆ Co-op Bank buys back £164m of old tier two after issuing a fresh £200m
◆ French insurers offer the two most desired elements in FIG ◆ Deal prices with 10bp NIP and large oversubscription ◆ More subordinated issuance may follow as market is very strong
◆ Pronounced bid for duration results in largest book for an unsecured euro deal this year ◆ French bank makes most of being 'a unique beast with unique timing' ◆ Italian bank goes even longer in Yankee market
◆ French insurer Coface prepares 10 year tier two bullet after Banco BPM restarts AT1s in euros ◆ Strong uptake for lower tier issuers' credits as they offer higher yield ◆ More investors now looking at subordinated debt
