Regulatory Capital

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  • BEA shrugs off weak results with $650m AT1 return

    BEA shrugs off weak results with $650m AT1 return

    The Bank of East Asia returned to the market with a Basel III-compliant additional tier one (AT1) deal, paying no premium despite reporting disappointing interim results for the first half of 2019 and amid the turmoil in Hong Kong SAR.

  • FWD Group’s $600m perp falls in secondary

    FWD Group’s $600m perp falls in secondary

    FWD Group has come to the market with yet another unusual transaction, raising $600m but seeing the bond open a whole point lower in the secondary market on Wednesday morning.

  • Achmea responds to speculation over sub debt issuance

    Achmea responds to speculation over sub debt issuance

    Achmea put out a statement on Wednesday in which it reminded investors to rely on Bloomberg for information about upcoming issuances, amid speculation that it was considering raising restricted tier one or tier two notes.

  • Investors on stand-by for new Italian FIG supply

    Investors on stand-by for new Italian FIG supply

    Italian bank bonds have performed very strongly as the country has prepared to welcome in a new government, but investors are still waiting for the sector to produce any new debt supply.

  • Rothesay Life hits sterling for blowout tier two

    Rothesay Life hits sterling for blowout tier two

    Rothesay Life chose a quieter day in UK politics to issue a tier two in the sterling market on Tuesday. It also took advantage of the lack of supply in the currency and the deal was oversubscribed four times its £400m size.

  • Groupama switches old for new with tightly priced T2

    Groupama switches old for new with tightly priced T2

    Groupama seized an opportunity to replace one of its outstanding tier twos with a cheaper set of capital instruments on Monday, drawing on sizeable demand for higher yielding assets in the euro market.

  • Brexit stupefies investors as Bank of Ireland misjudges mood

    Brexit stupefies investors as Bank of Ireland misjudges mood

    Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.

  • Early 2020 for next UK sukuk

    Early 2020 for next UK sukuk

    The UK is preparing to launch its second sukuk in early 2020, said city minister John Glen on Wednesday in a speech at an Islamic Finance Week event held at Mansion House.

  • SG Aussie AT1 fails to reach heights of rivals

    SG Aussie AT1 fails to reach heights of rivals

    FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.

  • Bank of Jinzhou’s woes to shake support for AT1s

    Bank of Jinzhou’s woes to shake support for AT1s

    Chinese city commercial bank Bank of Jinzhou plans to cancel coupon payments on its dollar additional tier one bonds for a year, the first such case from a mainland lender. The “shock” move from the beleaguered firm could shake investors’ risk appetite for bank capital deals from the country, writes Morgan Davis.

  • RBI hoovers up demand for tier two

    RBI hoovers up demand for tier two

    Raiffeisen Bank International sold a tier two bond this week, tightening pricing by 40bp. The trade was supported by hefty investor demand of €2.7bn, more than six times the deal's €500m size.

  • Bank of Ireland postpones tier two as Brexit fears swirl

    Bank of Ireland postpones tier two as Brexit fears swirl

    Bank of Ireland abandoned plans for a new €300m tier two on Tuesday after struggling to build much enthusiasm around the transaction. Market participants said the Irish lender had fallen victim to growing fears of a ‘no deal’ Brexit.

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Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
1 6,543.85 18 11.90%
2 4,539.34 24 8.25%
3 4,443.73 21 8.08%
4 3,901.61 15 7.10%
5 3,758.36 29 6.83%