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Latest News
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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.
19 Feb 2020 -
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.
18 Feb 2020 -
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.
18 Feb 2020 -
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.
13 Feb 2020 -
Arion readies debut AT1 ahead of tax changes in Iceland
Arion Bank showed its eagerness to issue additional tier one (AT1) capital on Thursday as Icelandic banks get ready to benefit from a change in the national tax treatment of the instruments.
13 Feb 2020 -
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.
12 Feb 2020 -
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.
12 Feb 2020 -
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.
11 Feb 2020 -
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.
11 Feb 2020 -
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’.
10 Feb 2020 -
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.
06 Feb 2020 -
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.
06 Feb 2020 -
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%.
06 Feb 2020 -
Barclays shocks investors with non-call of legacy T1
Barclays surprised some market participants this week when it said that it would not be calling one of its legacy tier one securities at its first call date in March.
05 Feb 2020 -
BIS calls for ‘heightened supervisory scrutiny’ of Level 3 assets
The Bank for International Settlements published a paper this week in which it suggested that supervisory authorities might need to introduce ‘prudential backstops’ to ensure that banks are valuing Level 3 assets appropriately.
05 Feb 2020
