FIG

BBVA clears path for green AT1s in FIG first

Regulatory Capital

BBVA clears path for green AT1s in FIG first

BBVA has become the first bank to print a green additional tier one (AT1) deal. When it was issued this week, it proved that the demand for socially responsible investments (SRI) extends to the riskiest of asset classes, meaning other banks are certain to bring out their own versions of the trade, writes David Freitas.

  • Covered bond investors brace for squeeze

    Covered Bonds

    Covered bond investors brace for squeeze

    Investors’ search for yield in covered bonds is growing more challenging by the day, as the market looks set to become more squeezed than ever because of aggressive central bank buying, soaring redemptions and diminished supply.

  • Markets look for EU to take the lead on green recovery

    SRI / Green Bonds

    Markets look for EU to take the lead on green recovery

    Momentum is growing for the economic recovery from the coronavirus pandemic to have a strong green thrust, as the UK’s mini-Budget and comments by European Central Bank president Christine Lagarde made clear this week. Capital market participants are enthusiastic about the prospect and expect it to further green the markets — but how far the drive goes will ultimately depend on politics, write Mike Turner, Jon Hay and Jasper Cox.

Latest News

  • The CARES Act, liquidity tracked and green AT1s unpacked

    The CARES Act, liquidity tracked and green AT1s unpacked

    Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: liquidity in the age of central banks, making bank capital green, and US fiscal stimulus.

  • EU court quashes Crédit Agricole fines

    EU court quashes Crédit Agricole fines

    Crédit Agricole won an appeal against the European Central Bank on Wednesday against fines levied against the treatment of some of its instruments as common equity tier one (CET1) because the central bank had provided “inadequate reasons” for penalising the French lender.

  • Markets look for EU to take the lead on green recovery

    Markets look for EU to take the lead on green recovery

    Momentum is growing for the economic recovery from the coronavirus pandemic to have a strong green thrust, as the UK’s mini-Budget and comments by European Central Bank president Christine Lagarde made clear this week. Capital market participants are enthusiastic about the prospect and expect it to further green the markets — but how far the drive goes will ultimately depend on politics, write Mike Turner, Jon Hay and Jasper Cox.

  • Japanese banks bolster TLAC amid blackout

    Japanese banks bolster TLAC amid blackout

    Japanese duo Mizuho and Nomura both hit the market with new issues on Monday as the primary market re-opened on a positive note following the July 4 holiday weekend.

  • BBVA clears path for green AT1s in FIG first

    BBVA clears path for green AT1s in FIG first

    BBVA has become the first bank to print a green additional tier one (AT1) deal. When it was issued this week, it proved that the demand for socially responsible investments (SRI) extends to the riskiest of asset classes, meaning other banks are certain to bring out their own versions of the trade, writes David Freitas.

  • People moves in brief

    People moves in brief

    New sustainable DCM team at Citi — Deutsche picks Stergiou for new position — SMBC Nikko makes ABS trading hire



Covered Bonds

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People & Markets

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Comment

Covid-19 Crisis

  • Markets look for EU to take the lead on green recovery

    SRI / Green Bonds

    Markets look for EU to take the lead on green recovery

    Momentum is growing for the economic recovery from the coronavirus pandemic to have a strong green thrust, as the UK’s mini-Budget and comments by European Central Bank president Christine Lagarde made clear this week. Capital market participants are enthusiastic about the prospect and expect it to further green the markets — but how far the drive goes will ultimately depend on politics, write Mike Turner, Jon Hay and Jasper Cox.

    09 Jul 2020
  • Brace for the Covid-19 NPL wave, Houlihan Lokey warns banks

    RMBS

    Brace for the Covid-19 NPL wave, Houlihan Lokey warns banks

    Zam Khan is a managing director in Houlihan Lokey’s Financial Institutions Group, where he leads the portfolio and capital advisory practice. He told GlobalCapital how banks should use financial data to deal with new NPL formations, or risk being engulfed by losses over the next few months.

    07 Jul 2020
  • Lesser spotted CAA dips in for tier two

    Regulatory Capital

    Lesser spotted CAA dips in for tier two

    Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.

    07 Jul 2020

In Depth

  • Bank of Ireland reopens AT1 market with wall-crossed trade

    Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch.

  • Will European banks be able to benefit from IFRS 9 relief?

    European lenders are debating whether it is worth them taking advantage of new IFRS 9 transitional rules, with some market participants suggesting they will largely ignore any capital benefit gained through these sorts of relief measures.