Regulatory Capital

Latest News

  • ING delays AT1 as Arion aims for new record

    ING delays AT1 as Arion aims for new record

    ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.

  • BNPP moves in for lowest ever dollar AT1 coupon

    BNPP moves in for lowest ever dollar AT1 coupon

    BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.

  • Italian assets fly as Intesa launches shock bid for UBI

    Italian assets fly as Intesa launches shock bid for UBI

    Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.

  • Investors urge Deutsche not to ‘do a Santander’

    Investors urge Deutsche not to ‘do a Santander’

    Deutsche Bank secured a remarkable comeback this week with its first additional tier one transaction in nearly six years. But investors are now asking themselves whether the German lender’s next move in the asset class will be to extend the life of one of its outstanding bonds, writes Tyler Davies.

  • Hunt for yield hits new high as Piraeus lands second tier two

    Hunt for yield hits new high as Piraeus lands second tier two

    Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.

  • UniCredit blows out in AT1 as it backs new P2 composition

    UniCredit blows out in AT1 as it backs new P2 composition

    UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.

  • FIG bonds: pessimism has been banned

    FIG bonds: pessimism has been banned

    The yields on bank bonds have reached their lowest ever levels in recent weeks, thanks to meagre issuance and accommodative central bank policy. These conditions mean investors can see the silver linings, but not the clouds — and there are plenty — behind them.

  • Deutsche breaks AT1 silence with new dollar deal

    Deutsche breaks AT1 silence with new dollar deal

    Deutsche Bank has unveiled plans to sell its first additional tier one (AT1) in more than five years, with market participants now expecting the German lender to call a bond that had once seemed certain to be left outstanding.

  • Piraeus readies T2 as Greek rally rolls on

    Piraeus readies T2 as Greek rally rolls on

    Piraeus Bank has mandated lead managers for the sale of a new tier two, as it looks to follow the success of its compatriot Alpha Bank. Greek banks have emerged as big winners in the secondary market recently, with investors shrugging off risks and focusing on ‘only the positives’.

  • Alpha Bank debut T2 sets tone for Greek chorus

    Alpha Bank debut T2 sets tone for Greek chorus

    Greek banks looking to bring new bonds will do well to follow Alpha Bank’s example, when on Thursday it sold its inaugural tier two bond. Backed by thorough investor work and supportive market conditions, the Greek lender’s new bond exceeded yield and demand expectations.

  • AT1s: waiting could be worth it

    AT1s: waiting could be worth it

    Conditions for issuance in the additional tier one market may be more attractive than ever, but there’s still good reason for some bank treasury teams to bide their time.

  • Ravenous investors devour T2 debut from Alpha Bank

    Ravenous investors devour T2 debut from Alpha Bank

    Alpha Bank was more than 10 times subscribed on its debut in the tier two market on Thursday, allowing the speculative grade Greek lender to tighten its pricing by up to 100bp and land at an impressive coupon level of 4.25%.

More stories

 

 

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount $bn No of issues Share %
1 1.87 8 12.40%
2 1.71 7 11.33%
3 1.50 4 9.98%
4 1.05 4 6.96%
5 1.03 8 6.83%