FIG - Article Archive

  • Covered bond game 'too easy' but reward for risk 'very bad'

    Covered bond spreads are unlikely to widen much, say dealers, plenty of who are long inventory, especially in recently issued deals. Deals not eligible for central bank buying, however, are vulnerable.

    • 27 Oct 2020
  • MuHyp prices rare 20 year flat to covered curve

    Muenchener Hypothekenbank (MuHyp) issued a €500m 20 year flat to fair value on Tuesday even though market conditions were volatile.

    • 27 Oct 2020
  • UBS finds window for new euro deal after results

    UBS Group made a rare entry into the euro market on Tuesday, issuing €1.5bn of new senior paper in line with fair value.

    • 27 Oct 2020
  • Barclays lands through fair value with second green bond

    Barclays was met with strong demand for its second green senior deal in the sterling market on Tuesday, allowing the bank to shave 25bp of initial guidance and price through fair value.

    • 27 Oct 2020
  • Canadian covered bond issuers to turn on the taps

    Bankers are confident that Canadian covered bond issuance will resume after the Bank of Canada withdrew the repo eligibility of retained covered bonds, while honouring existing repo deals. But bankers are split as to whether supply will restart in early December or be deferred until next year.

    • 27 Oct 2020
  • ECB: almost half of banks are finished with TLTRO III

    Nearly half of Europe’s banks do not intend to participate in the next rounds of the targeted longer-term refinancing operations (TLTRO III), according to the results of a new survey published by the European Central Bank this week.

    • 27 Oct 2020
  • MuHyp to issue rare 20 year Pfandbrief

    Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.

    • 26 Oct 2020
  • Investors spot a silver lining in record retained covered bond issuance

    Investors are sanguine about the fact that covered bonds pledged for repo with central banks hit a new record this year. Although issuers acknowledge the need to appear regularly with benchmarks in the public market, some have scaled back, but this is likely to prove temporary.

    • 26 Oct 2020
  • A second wave for coronavirus-themed bank bonds?

    As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance. However, issuers that do choose to tap the market may find themselves competing with the European Union.

    • 26 Oct 2020
  • Tax rethink will completely change Swiss bond 'side dish', says departing veteran Ronald Hinterkircher

    Ronald Hinterkircher, who is retiring from the Swiss franc bond market after a 40 year career, has told GlobalCapital that digitalisation and the possible removal of the withholding tax for foreign investors could change the market over the next few years. But with the European Central Bank propping up the euro bond market, arbitrage opportunities for international companies in Swiss francs are vanishingly slim.

    • 26 Oct 2020
  • AT1 market set for second busiest year on record

    Additional tier one supply has already surpassed expectations in 2020, with the asset class on course for its second busiest year of all time.

    • 26 Oct 2020
  • Green CSPP, digital banks and negative rates, UK finance after Brexit

    This week in Keeping Tabs: how the European Central Bank could decarbonise its corporate bond book, how digital banks would suffer if the Bank of England goes negative, and what UK financial services policy could look like after Brexit.

    • 23 Oct 2020
  • Markets expect EBA guidance will force action on legacy bank capital

    European banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.

    • 23 Oct 2020
  • Bank supply to be muted ahead of US election

    Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.

    • 23 Oct 2020
  • Science-based targets could help banks wrestling with climate risk

    UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found. The answer to some of their problems could be a non-risk initiative: science-based targets.

    • 22 Oct 2020
  • UK moves early to dispel fears about bank capital buffers

    Markets rejoiced this week after the Bank of England proposed policy changes that will make it harder for UK lenders to run into automatic restrictions on their additional tier one coupons and equity dividends. The move was seen as a way of addressing concern about ‘buffer usability’, which has come to the fore during the Covid-19 pandemic.

    • 22 Oct 2020
  • A friendlier face for UK bank supervision

    Prudential rules will become more supportive for UK banks after Brexit.

    • 22 Oct 2020
  • Raiffeisen prints Swissie bail-in bond

    Raiffeisen Schweiz brought a rare Swiss bail-inable bond to the market on Thursday, issuing Sfr325m ($358.3m) across two tranches to help replenish its capital structure.

    • 22 Oct 2020
  • Two EM deals pulled in a week, but last chance market open, say investors

    Two EM bond issuers beat hasty retreats from the primary market this week. But despite the challenges the pair faced, bankers and investors believe the market is open for borrowers looking to pick up a bit of funding ahead of what is expected to be a tortuous US election. Lewis McLellan reports.

    • 22 Oct 2020
  • Senior trio make most of opportunistic window

    Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.

    • 22 Oct 2020
  • Indian dual recourse flies as covered bond hopes build

    Dual recourse structures have become increasingly popular in India after last year’s debut from Kogta Finance. And with the sanctity of bankruptcy remoteness successfully tested in the courts, sentiment towards such structures has improved further. This could help pave the way for a national champion bank to test appetite for Indian covered bonds, which would offer the country's lenders a source of long-term diversified funding that they can't get from deposits.

    • 22 Oct 2020
  • Meissner takes charge of Credit Suisse’s new ‘A-team’

    Christian Meissner has an exciting new position at Credit Suisse. But how far can he improve the Swiss bank’s offering to wealth management clients while also handling its culture, asks David Rothnie.

    • 22 Oct 2020
  • DZ hits covered bond sweet spot with well-timed Pfandbrief

    DZ Hyp returned to the covered bond market for the fourth time this year on Thursday to issue a €1bn eight year mortgage Pfandbrief. The deal showed that any uncertainty over the relative value of covered bonds has been firmly swept away after the European Union’s blow out debut earlier this week.

    • 22 Oct 2020
  • Bank bond investors focus on primary as spreads widen

    Bank debt investors are still piling into the primary market, even as deals struggle to perform in secondary trading.

    • 22 Oct 2020
  • Rabo finds a way to reward its Certificate holders

    Rabobank intends to make an exceptional distribution on its equity-like Certificates and will avoid breaching the European Central Bank’s dividend ban by paying its investors in more Certificates rather than in cash.

    • 22 Oct 2020
  • UOB goes tight in Aussie dollars

    United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

    • 22 Oct 2020
  • Coventry takes Godiva to covered bonds

    Coventry Building Society (CBS) has set up a second covered bond programme that is secured exclusively on the mortgages originated under its buy-to-let Godiva platform, which had previously been funded through its Mercia RMBS programme. Although the covered bonds require more collateral to reach the same rating, they offer greater funding flexibility as they can be pledged for repo and are eligible for the liquidity coverage ratio.

    • 21 Oct 2020
  • Singapore slings old 4% covered bond limit

    The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.

    • 21 Oct 2020
  • FBN demonstrates African banks still have market access, despite local volatility

    First Bank of Nigeria became the first African bank to print a eurobond in 2020 on Tuesday, raising $350m despite a turbulent backdrop in Nigeria.

    • 21 Oct 2020
  • Aareal prices inside curve in show of Pfandbrief strength

    Aareal Bank issued a short six year Pfandbrief on Wednesday at a deeply negative yield and with a negative concession. Investor demand was impressive, illustrating that Pfandbriefe, twinned with Aareal’s loan origination standards, were sufficient to offset any concern over the hotel and retail exposures in its collateral pool. At the same time DZ Hyp has mandated leads for an eight year Pfandbrief.

    • 21 Oct 2020
  • Bank pair taps 'rollercoaster' euro market

    A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

    • 21 Oct 2020
  • US banks target euros after Q3 results

    Morgan Stanley joined its peer Bank of America in accessing the longer end of the euro market this week, with US names faring well in the currency following several months of absence.

    • 21 Oct 2020
  • Metro Bank falls below MREL targets

    Metro Bank said on Wednesday that it had slipped below its loss-absorbing capacity targets. But before it commits to issuing more senior debt, it is waiting for the Bank of England to complete a review of the minimum requirements for own funds and eligible liabilities (MREL).

    • 21 Oct 2020
  • BoE to ease MDA rules for UK banks

    The Bank of England said this week that it would loosen some of the rules around the maximum distributable amount for UK banks after Brexit, making it harder for them to trigger restrictions on their additional tier one (AT1) coupons and equity dividends.

    • 21 Oct 2020
  • China Everbright debuts in dollars

    China Everbright, the Hong Kong asset manager, sold its maiden dollar bond on Tuesday.

    • 21 Oct 2020
  • EBA looks to halt 'infection risk' on legacy capital

    Much of European rule making in wider society has been about preventing infection spreading to the elderly of late. But the European Banking Authority has instead weighed in on the "infection risk" that stems from grandfathered securities.

    • 21 Oct 2020
  • Peak Re bags subordinated bond

    Hong Kong-based Peak Reinsurance Co rolled out a subordinated perpetual bond on Tuesday, netting $250m from the deal.

    • 21 Oct 2020
  • Pfandbrief’s soft bullet highlights key differences

    A proposed change to the Pfandbrief law introducing a soft bullet maturity is designed to harmonise Germany’s covered bond regime with the rest of Europe’s, as envisaged under the EU’s Covered Bond Directive. However, it could highlight the vast differences in how soft bullet covered bonds are repaid following extension triggers.

    • 20 Oct 2020
  • ECB laments lack of CCy cap before Covid

    The European Central Bank said this week that it thought a stronger role for countercyclical capital buffers would be key in making sure that banks use their available resources to boost lending in times of crisis.

    • 20 Oct 2020
  • Pfandbriefe fortified against Covid

    The impact of Covid-19 lockdowns on the hotel and retail loans securing German Pfandbriefe is likely to present serious challenges. But conservative lending and high interest rate coverage ratios provide solid protection, so managing a prospective rise in risk-weighted assets will likely be the bigger challenge for certain issuers, said bankers on Tuesday.

    • 20 Oct 2020
  • Criteria Caixa considers seven year euros

    Criteria Caixa is sounding out investors for a new seven year unsecured euro bond: its first at this tenor in over five years.

    • 20 Oct 2020
  • UnipolSai gives Italy its first RT1 bond

    UnipolSai Assicurazioni was nearly three times subscribed for a restricted tier one (RT1) this week — the first of its kind in Italy. An attractive coupon helped to offset any concerns about Italian sovereign risk or a lack of liquidity in the RT1 market.

    • 20 Oct 2020
  • Asian bank pair take Aussie trip

    A pair of Asian banks tapped the Australian dollar bond market for a combined A$1.25bn ($880m) on Tuesday. A number of banks have visited the Aussie market in recent weeks to great success, and more are set to follow.

    • 20 Oct 2020
  • Euro market opens its arms for return of US banks

    Deal arrangers say the euro market is wide open for the return US bank issuance, following a very successful trade from Bank of America this week.

    • 20 Oct 2020
  • KDB uses Covid label to raise $1bn

    Korea Development Bank took $1bn from a dual tranche transaction on Monday, using a social label for one portion of the bond to attract a new group of investors.

    • 20 Oct 2020
  • CDB entices investors with dollars, euros

    China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market.

    • 20 Oct 2020
  • Covered bond buying steps up as EU trades up in grey market

    The technical outlook for covered bonds had always been supportive, but after it emerged that newly mandated EU bonds were trading sharply higher in the grey market on Monday, traders were even more confident, especially for deals in the ultra-long end of the curve, such as CFF’s transaction issued on Monday.

    • 19 Oct 2020
  • CFF slots in ahead of the EU with first negative yielding 15 year

    Compagnie de Financement Foncier (CFF) was able to raise €500m of 15 year funding flat to its curve on Monday. But, in anticipation of the EU's 10 and 20 year dual tranche mandate, announced the same morning, investors of the first negative yielding 15 year covered bond showed a degree of price sensitivity.

    • 19 Oct 2020
  • Quintet debuts with small AT1

    Luxembourg's Quintet Private Bank tapped the market for €125m of additional tier one (AT1) paper on Friday, marking its debut in the asset class.

    • 19 Oct 2020
  • La Banque Postale prints first T2 in three years

    La Banque Postale (LBP) printed €500m of January 2031 non-call January 2026 tier two paper this week, its first in the format in over three years.

    • 19 Oct 2020
  • UnipolSai to call T2s after debut RT1 issuance

    Italian insurer UnipolSai Assicurazioni will be hoping to launch its first restricted tier one (RT1) bond this week, after which it could retire a pair of its lower quality tier two instruments.

    • 19 Oct 2020
  • UK to ditch MREL MDA after Brexit

    The UK government has said that banks will still be able to make investor distributions if they fall below their minimum requirements for own funds and eligible liabilities (MREL) after Brexit — in an early of sign of divergence from the EU rulebook.

    • 19 Oct 2020
  • China Minsheng floats $500m bond

    China Minsheng Banking Corp sold a floating rate bond through its Hong Kong branch last Friday, nabbing $500m from the club-style transaction.

    • 19 Oct 2020
  • HSBC financed climate laggards weeks before net zero target

    HSBC provided $1.8bn of financing to high carbon companies including Kepco, which is developing new coal plants, in just five deals in the past four months, as it prepared to announce its “net zero ambition” on October 9, an NGO has alleged.

    • 16 Oct 2020
  • Investors see value in foreign Aussie issuance amid domestic drought

    With the Australia’s big domestic banks avoiding the capital markets thanks to excess liquidity and cheap central bank funding, Aussie dollar investors are searching for somewhere to park their excess cash – with foreign banks offering one way to pick up the slack.

    • 16 Oct 2020
  • Big guns hold fire after earnings glut

    The world’s biggest banks sat out the primary bond market in dollars this week, dashing hopes of a pre-election funding blitz.

    • 16 Oct 2020
  • ABC, BOC Investment add to FIG spree

    Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.

    • 16 Oct 2020
  • UnionBank returns to dollars

    Union Bank of the Philippines (UnionBank) made a rare outing in the dollar market on Thursday, competing with hefty supply from Greater China to raise $300m.

    • 16 Oct 2020
  • Central banks and climate change: Lagarde becomes leader

    Long used to scanning the horizon for risks, central banks have belatedly woken up to the biggest one of all — climate change. Monetary policy has so far been ignored — but the European Central Bank, until now on the fringes of this issue, is plunging in

    • 15 Oct 2020
  • Liquidity makes a market, the ECB takes it away

    Despite the Eurozone covered bond market’s huge size, its inherent liquidity is dwarfed by much smaller sectors outside the trading block — effectively meaning ‘the market’ is slowly but surely becoming impotent.

    • 15 Oct 2020
  • Deal flurry shows rewards await the quick and the brave in FIG

    FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.

    • 15 Oct 2020
  • EC sees renovation revolution, as ECBC hits go

    The European Commission has unveiled bold plans to promote the renovation of existing housing stock in a bid to improve energy efficiency and so cut EU’s carbon footprint and provide a much-needed stimulus to the economy. At the same time, the European Covered Bond Council is implementing its energy efficient mortgage plan that aims to improve the supply of collateral securing green covered bond issuance.

    • 15 Oct 2020
  • Nordic banks to finish 2020 with PPs

    Nordic banks are likely to focus on smaller private placements for the rest of the year, with many already having enough liquidity that they do not need to print new benchmarks.

    • 15 Oct 2020
  • Woori Bank debuts in Aussie dollars with Covid bond

    South Korea’s Woori Bank sold its first Kangaroo bond on Thursday, raising A$400m to help fund its response to the coronavirus pandemic.

    • 15 Oct 2020
  • Debut BSH enjoys smashing Pfandbrief hit

    After an extensive marketing period, done with the intention of issuing a benchmark sized deal, Bausparkasse Schwäbisch Hall’s first Pfandbrief, issued on Thursday, attracted more demand, at a tighter spread and a longer duration than a Pfandbrief its compatriot building society, Wüstenrot Bausparkasse, issued this week.

    • 15 Oct 2020
  • Greater China bond issuers rush to dollar market

    Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.

    • 15 Oct 2020
  • PIC picks up second tier two of the year

    Pension Insurance Corporation (PIC) sold its second tier two trade of the year, raising £400m with what some investors saw as an opportunistic move.

    • 14 Oct 2020
  • Woori seeks Covid-19 relief in Kangaroo mart

    Woori Bank is preparing to make its Kangaroo bond debut, choosing the market to launch its first Covid-19 response bond.

    • 14 Oct 2020
  • BSH to follow Wüstenrot’s Pfandbrief lead

    Bausparkasse Schwäbisch Hall (BSH) mandated leads for its debut covered bond on Wednesday. The benchmark sized deal will take advantage of the strong demand seen for Tuesday’s Pfandbrief from German building society peer, Wüstenrot Bausparkasse.

    • 14 Oct 2020
  • Former Italian finance chief Padoan selected as next UniCredit chair

    UniCredit has picked Pier Carlo Padoan as chairman designate.

    • 14 Oct 2020
  • Shinhan Card returns with Covid-relief bond

    Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

    • 14 Oct 2020
  • CMC Leasing sells maiden dollar bond

    China Merchants Commerce Financial Leasing Co (CMC Leasing) made its debut in the dollar bond market on Tuesday, selling a $350m five year deal.

    • 14 Oct 2020
  • CEE covered bond laws advance

    The Baltic covered bond market is expected to take another stride forward with the advent of Latvia’s draft law, which currently is being debated in parliament. At the same time, the European Bank for Reconstruction and Development (EBRD) has been working closely with the Bulgarian, Croatian and Ukrainian authorities to help develop the basis for their own covered bond laws.

    • 13 Oct 2020
  • Putting the 'K' in capital markets

    The coronavirus crisis will continue to lead to divergence in economic fortunes, and that will play out in European capital markets as well.

    • 13 Oct 2020
  • Iccrea debuts callable senior debt

    A pair of European banks approached the euro senior market in different ways on Tuesday: Iccrea targeted a smaller pool of investors with its delayed callable debut, while BFCM went big with a blowout long 10 year.

    • 13 Oct 2020
  • Increased Wüstenrot Pfandbrief hits benchmark jackpot

    Wüstenrot Bausparkasse attracted exceptionally strong demand for its seven year Pfandbrief launched on Tuesday, causing the issuer to increase the deal’s size from an originally planned sub-benchmark size to benchmark. In so doing it further improved the scale and quality of the order book reflecting improved regulatory treatment and index inclusion for the deal.

    • 13 Oct 2020
  • La Mondiale sells rare euro T3

    La Mondiale printed a rare tier three deal on Tuesday to diversify its capital structure, using the strong demand for the unusual product to print around 25bp through fair value.

    • 13 Oct 2020
  • Fitch Bohua debuts Chinese domestic rating

    Fitch Rating’s China arm, Fitch (China) Bohua Credit Ratings, assigned its first domestic rating this week, five months after securing a licence in the world’s second largest bond market.

    • 13 Oct 2020
  • ECB kills covered bond secondary turnover

    Secondary covered bond market turnover has fallen since the European Central Bank's Covered Bond Purchase Programme (CBPP3) began, with the ECB accounting for an unprecedented proportion of overall turnover, according to a report published in the European Covered Bond Council’s fact book, published last Friday.

    • 12 Oct 2020
  • ECB's Vansteenkiste engages with green TLTRO idea

    The European Central Bank's Isabel Vansteenkiste welcomed a proposal for green Targeted Longer-Term Refinancing Operations (TLTROs) on Monday, but talked through what she saw as some concerns with the idea.

    • 12 Oct 2020
  • Caffil jumps in front of cheaper EU, sparking supply hopes

    Caffil attracted robust demand for its fifth covered bond this year on Monday, thanks to the positive yield on offer at the unusual 15 year maturity. But with a wave of cheap European Union 15 year supply expected to surface before long, other issuers may try to follow Caffil's lead and jump in ahead.

    • 12 Oct 2020
  • German Ministry of Finance paves way for RT1 debt

    The German Ministry of Finance has paved the way for future restricted tier one issuance (RT1) from the country’s insurance sector. Among those now able to tap the instrument is Allianz, which analysts believe could enter the market next year.

    • 12 Oct 2020
  • Wüstenrot mandates leads for Pfandbrief

    Wüstenrot Bausparkasse mandated leads on Monday for a seven year Pfandbrief in sub-benchmark size. The German building society’s transaction is set to emerge ahead of another from Bausparkasse Schwäbisch Hall which is also due soon.

    • 12 Oct 2020
  • ECB sets out Banking Union wish list

    The European Central Bank has set out a plan for relieving tensions between ‘home’ and ‘host’ countries in the Banking Union. The plan relies on introducing stronger and more enforceable mechanisms of intragroup capital and liquidity support, which could then be linked with earlier intervention powers for the supervisor.

    • 12 Oct 2020
  • UOB turns to Aussie dollars for latest bond

    Singapore’s United Overseas Bank issued a A$500m ($362.2m) bond in Australia on Friday, as a lack of financial paper in the market drove investor demand.

    • 12 Oct 2020
  • Sustainability disclosures delayed as regulators admit legal clash

    The European Commission has bowed to lobbying by investors and delayed compelling them to follow the detailed requirements of the Sustainable Finance Disclosure Regulation — a complex reporting task that is ill-matched with another EU rule, the Taxonomy of Sustainable Economic Activities.

    • 09 Oct 2020
  • BFCM scoops ¥63.6bn with annual Samurai

    Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.

    • 09 Oct 2020
  • Stan Chart eyes Sofr development in Reg S market

    Standard Chartered this week became the first bank to launch a Sofr-linked deal in the 144A/Reg S dollar market, as it looked to introduce the Libor replacement rate to a more global audience.

    • 09 Oct 2020
  • KBank dips into dollar AT1 market

    Kasikornbank Public Co rolled out its first Basel III-compliant additional tier one subordinated dollar transaction on Thursday. The Thai borrower bagged $500m on the back of an orderbook that reached $2.5bn at its peak.

    • 09 Oct 2020
  • Banks enjoy last hurrah ahead of difficult winter

    Deal arrangers expect bank bond supply will peter out after a flurry of deals this week. Issuers have been enjoying fantastic conditions, but most of them have finished their funding plans early so they can lay low throughout a much-feared fourth quarter. Tyler Davies and Bill Thornhill report.

    • 08 Oct 2020
  • There is no quick fix for bank profitability

    Policymakers should be careful about rushing into action over signs that bank profitability is collapsing.

    • 08 Oct 2020
  • Rare trio take contrasting approaches to senior mart

    Argenta Spaarbank, Belfius Bank and Jyske Bank took differing approaches to sell €500m no-grow senior bonds this week — Argenta offered a substantial new issue premium, while the latter pair pushed their pricing close to fair value.

    • 08 Oct 2020
  • Covered bonds to slow to a trickle

    Despite robust redemption volumes, the outlook for covered bond supply over the remainder of 2020 is poor with some bankers expecting no more than a dozen euro deals.

    • 08 Oct 2020
  • Raiffeisen surprises with Swissie AT1

    Raiffeisen Schweiz surpassed expectations with a self-led additional tier one (AT1) deal on Wednesday, printing Sfr525m ($572.4m) after finding strong international demand.

    • 08 Oct 2020
  • Bankers exalt pricing power in European AT1 market

    Crédit Agricole and Nykredit Realkredit were able to push aggressively on pricing in the additional tier one (AT1) market this week, as they took advantage of favourable supply and demand dynamics.

    • 08 Oct 2020
  • Staley picks top allies for investment bank leadership

    A top-level reshuffle suggests that Barclays chief executive Jes Staley is not going anywhere, but raises fresh questions about whether the bank’s top-five ambitions are achievable, writes David Rothnie.

    • 08 Oct 2020
  • Epic squeeze envisaged unless ECB steps back from covered bonds

    The European Central Bank bought more covered bonds in September than it has done for months and still faces a mammoth task to replace deals due to be redeemed this year. With eligible issuance unlikely to much exceed €10bn, a squeeze of epic proportions is in store.

    • 08 Oct 2020
  • Rare pair prints senior in euro FIG market

    A pair of infrequent issuers, Belfius Bank and Jyske Bank, tapped a strong market on Thursday with a pair of senior deals. The conducive environment is expected to wane as banks enter blackout periods, and prospective deals will have to vie with volatility around the US presidential election.

    • 08 Oct 2020
  • SRB to allow ‘non-linear’ transition to MREL targets

    The Single Resolution Board (SRB) will not force all banks to make a linear progression towards their minimum requirements for own funds and eligible liabilities (MREL), in an effort to be more flexible during the Covid-19 pandemic. But financial institutions have still called on the authority this week to do more to prevent MREL from becoming a barrier to lending.

    • 08 Oct 2020
  • Just Group tightens 50bp for green T2 debut

    Just Group was met with strong demand for a green tier two in the sterling market on Thursday, allowing it to set a coupon of 7% versus initial price thoughts in the 7.5% area.

    • 08 Oct 2020