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Latest News
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LuKB sells first index-eligible callable tier two in Swissies
Luzerner Kantonalbank (LuKB) issued its first tier two bond in a decade this week, with the Sfr400m ($436m) deal is expected to be index-eligible — a first for a Swiss franc callable tier two bond.
02.00 PM -
Basel Committee to carry out ‘further analysis’ before capital reforms
The Basel Committee on Banking Supervision (BCBS) will need to see more evidence that its capital reforms restrict “buffer usability” and have “(pro)cyclical” impacts before it recommends any changes to the framework.
11.00 AM -
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."
19 Apr 2021 -
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.
19 Apr 2021 -
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.
16 Apr 2021 -
Luzerner Kantonalbank preps rare Swiss sub deal
Luzerner Kantonalbank has mandated for its first tier two bond in almost a decade, coming ahead of a subordinated debt redemption later this year.
16 Apr 2021 -
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.
15 Apr 2021 -
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.
14 Apr 2021 -
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.
13 Apr 2021 -
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.
13 Apr 2021 -
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.
09 Apr 2021 -
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.
08 Apr 2021 -
UOB uses senior, tier two combo for sustainability bond debut
Singapore’s United Overseas Bank sold its debut sustainability bond on Wednesday, raising $1.5bn and notching a number of other firsts with its deal. Morgan Davis reports.
08 Apr 2021 -
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.
07 Apr 2021 -
FIG market takes courage from strong deal dynamics post-Easter
Three banks jumped into the euro senior market after the Easter break on Tuesday, benefitting from stable demand and printing with low new issue concessions.
06 Apr 2021
