Regulatory Capital

Latest News

  • PGH proves popular amid lack of RT1 supply

    PGH proves popular amid lack of RT1 supply

    Investors flocked to a rare offering of restricted tier one (RT1) capital from Phoenix Group Holdings this week, allowing the insurance company to tighten pricing by 37.5bp. The bonds will form part of the financing for the UK firm’s acquisition of ReAssure Group from Swiss Re.

  • Jyske takes small T2 to work on cap stack

    Jyske takes small T2 to work on cap stack

    Jyske Bank offered a small new issue premium to investors in a tier two offering in euros this week, taking the opportunity to optimise its capital structure in favourable market conditions.

  • 'Utter madness' in bank capital as Erste scores blow-out

    'Utter madness' in bank capital as Erste scores blow-out

    Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon.

  • CS opens AT1 dollar market with a bang

    CS opens AT1 dollar market with a bang

    Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.

  • Monte is living a charmed afterlife

    Monte is living a charmed afterlife

    The stars have aligned for Banca Monte dei Paschi di Siena following its rescue by the Italian state. It is hard to see how other banks could be so fortunate.

  • BTN pioneers with first Indo Basel III tier two

    BTN pioneers with first Indo Basel III tier two

    Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.

  • Monte launches T2 at 8% to complete capital plan

    Monte launches T2 at 8% to complete capital plan

    Banca Monte dei Paschi di Siena was more than two times subscribed for a €400m tier two on Wednesday, as the state-backed Italian lender used strong market conditions to finally complete the last leg of its capital raising plan.

  • Santander confirms ‘irreversible’ decision to call its controversial CoCo

    Santander confirms ‘irreversible’ decision to call its controversial CoCo

    Banco Santander has followed through on its commitment to call an additional tier one (AT1) bond, after extending the life of the instrument a number of times in 2019. The decision comes as favourable market conditions increased the likelihood that issuers will choose to refinance their contingent capital securities this year.

  • UBI Banca lands blowout with debut AT1

    UBI Banca lands blowout with debut AT1

    Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.

More stories

 

 

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount $bn No of issues Share %
1 1.61 6 15.85%
2 1.32 4 13.04%
3 0.94 7 9.28%
4 0.79 5 7.77%
5 0.74 3 7.27%