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  • Nykredit returns to tier two after six years away

    Nykredit returns to tier two after six years away

    Nykredit Realkredit ended a six year absence from the tier two format in euros this week. With conditions for subordinated bond sales looking good despite looming blackouts, bankers feel now is the time for issuers to "go go go."

  • ECB: TRIM will shave 70bp from bank capital ratios

    ECB: TRIM will shave 70bp from bank capital ratios

    The European Central Bank published the findings from its targeted review of internal models (TRIM) on Monday. The exercise, which could to some extent frontload the impact of Basel IV, is expected to result in a 12% increase in risk-weighted assets (RWAs) and a 71bp decline in common equity tier one (CET1) ratios.

  • Bank of Cyprus prints popular tier two

    Bank of Cyprus prints popular tier two

    The Bank of Cyprus was met with plenty of demand as it sold one of the lowest rated financial deals of the year on Friday – a sign of confidence for any other peripheral names looking at the market.

  • SLB fever sweeps FIG market after Berlin Hyp debut

    SLB fever sweeps FIG market after Berlin Hyp debut

    Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers.

  • Aviva prepares tier two bonds for Sonia switch

    Aviva prepares tier two bonds for Sonia switch

    Aviva has asked investors to agree to a change in the terms of three of its tier two bonds, to try and make sure they revert to spreads over Sonia rather than Libor if they live on past their first call dates.

  • Rabobank reopens quiet euro AT1 mart

    Rabobank reopens quiet euro AT1 mart

    Rabobank sold the first euro additional tier one (AT1) bond in almost six weeks on Tuesday, landing the deal at a record low coupon in euros for the format.

  • Bank of Cyprus opco switch cleans up T2

    Bank of Cyprus opco switch cleans up T2

    Bank of Cyprus has picked banks to arrange the refinancing of some of its subordinated operating company debt with a new tier two, which it will issue from the holding company level.

  • NatWest Group prunes legacy debt

    NatWest Group plans to redeem a 36 year old perpetual bond as it continues to clean up its capital stack ahead of the CRR transitional deadline later this year.

  • Athora refis sub-benchmark tier two

    Athora refis sub-benchmark tier two

    Athora Netherlands returned to the market after almost three years away on Thursday, raising €300m of tier two paper for the first time since its takeover by its Bermuda-based parent.

  • SG ends ‘refocusing programme’ with sale of Lyxor to Amundi

    SG ends ‘refocusing programme’ with sale of Lyxor to Amundi

    Société Générale said on Wednesday that it was looking to sell its asset management arm Lyxor to French investor Amundi. The transaction will wrap up a three year restructuring programme, which has added up to 90bp to the bank’s capital ratios.

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