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Credit Suisse was looking to complete to raise additional tier one (AT1) capital on Monday and to become only the second bank to launch a benchmark-sized transaction in the format since April. -
Banks and insurers look set to pounce upon any more stable market days over the coming weeks to print deals before they enter blackout periods and the summer shutdown. Several took that approach this week by bringing deals on Wednesday, which was US Independence Day.
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The Netherlands could be at the beginning of a crackdown on tax benefits for additional tier one (AT1) capital, after the European Commission said that state aid concerns had convinced it to take aim at provisions that allow banks and insurers to deduct tax from interest paid on the instruments.
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Vittoria Assicurazioni and P&V Assurances went ahead with very similar debut deals on Wednesday. But the trades enjoyed contrasting levels of success, with Vittoria the only one able to attract a substantial amount of oversubscription.
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Bank debt investors have calmed their nerves about the possibility that Dutch banks will call their additional tier ones at par, following a government proposal to tax the interest paid on the instruments.
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Look past the investor disputes, the non-performing assets and the triple-C rating. A risky form of debt in one of Europe’s most troubled banks might just be a screaming buy opportunity.
