Latest News
-
Italian trio tune up as FIG market prepares for reporting season
Lesser-known Italian financial institutions have moved to the front of the pipeline in the financial institutions bond market, as larger and more frequent funders begin slipping into blackout periods ahead of reporting third quarter earnings.
10 Oct 2019 -
Bank capital investors start Q4 on tenterhooks after ‘super’ year
Bank capital securities have enjoyed a tremendous performance in 2019, leaving specialist fund managers a little nervous about protecting their returns as the year draws to a close.
09 Oct 2019 -
Bank of Ireland lands tier two at second attempt
Bank of Ireland was more than three times subscribed for a €300m tier two bond this week, nailing its second attempt at the deal after returning to the market with a wider spread for investors.
07 Oct 2019 -
Portuguese banks to issue up to €9bn of MREL debt, says Fitch
Fitch Ratings said on Monday that it expected Portuguese banks would issue up to €9bn of senior debt for the minimum requirements for own funds and eligible liabilities (MREL) in the coming years, as they work concurrently on cleaning up the asset sides of their balance sheets.
07 Oct 2019 -
AIB revives Irish sub debt market despite Brexit noise
Allied Irish Banks was met with a strong response for an additional tier one (AT1) in the euro market on Wednesday, just a month after its national peer Bank of Ireland had to pull a subordinated bond amid fears about the impact of the UK’s departure from the EU.
02 Oct 2019 -
Hannover Re adds to insurance bond flurry with unusual tier two
Hannover Re has added to a string of recent new issuance from European insurers, opting for an unusual maturity structure for its tier two this week.
01 Oct 2019 -
AIB follows Nationwide with flexible first call option for new AT1
AIB Group is set to sell a new additional tier one (AT1) with a six month call period ahead of the first payment reset date. This feature was pioneered by Nationwide Building Society, and looks as though it could become the norm in the AT1 market.
01 Oct 2019 -
Royal London increases T2 bond size after strong response in sterling
Royal London Mutual Insurance Society came off the back of a successful roadshow to sell £600m of tier two debt in the sterling market this week — a small increase above the amount it had initially expected to raise.
30 Sep 2019 -
Sovcombank out for subordinated bond
Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.
30 Sep 2019 -
BPM and Abanca top up tier two capital
Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.
26 Sep 2019 -
Generali proves value of green T2
Generali was the talk of the FIG bond market this week as it became the first west European financial institution to issue a tier two capital note in green bond format. The insurer’s pioneering spirit reaped rewards, with the green element variously estimated to have shorn 5bp-10bp from its cost of funding. That could tempt other firms to issue subordinated green debt. David Freitas reports.
26 Sep 2019 -
Abanca beefs up MREL with new tier two
Abanca Corporación Bancaria returned to the euro bond market on Thursday for its second tier two of the year. The Spanish lender was able to tighten pricing for its €300m deal by 50bp, helped by an order book that was nearly four times subscribed.
26 Sep 2019 -
Woori prices bank capital deal with zero premium
South Korea’s Woori Bank has raised $550m from a Basel III-compliant additional tier one bond sale. Despite the softer market backdrop, the firm pulled off the deal without paying any premium.
26 Sep 2019 -
Middle East trio raises $3.35bn in one day
Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.
25 Sep 2019 -
Just Group adds to 'tend and extend' trend in European insurance
Just Group is set to become the third insurance company in a week to buy back some of its subordinated bonds with a view to replacing them with new securities in the market. But CreditSights have cautioned against taking a 'speculative' position in the company's new bonds, which arrived with price thoughts above 8% on Thursday.
25 Sep 2019
