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  • Bank of Ireland lands tier two at second attempt

    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.

  • Portuguese banks to issue up to €9bn of MREL debt, says Fitch

    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.

  • AIB revives Irish sub debt market despite Brexit noise

    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.

  • Sovcombank out for subordinated bond

    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.

  • BPM and Abanca top up tier two capital

    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%.

  • Generali proves value of green T2

    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.

  • Abanca beefs up MREL with new tier two

    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.

  • Woori prices bank capital deal with zero premium

    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.

  • Middle East trio raises $3.35bn in one day

    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.

  • Just Group adds to 'tend and extend' trend in European insurance

    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.

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Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
1 7,866.17 21 11.94%
2 5,320.61 31 8.07%
3 5,155.87 25 7.82%
4 4,659.93 37 7.07%
5 4,275.40 28 6.49%