Regulatory Capital - All Articles

  • NBG targets retail capital in latest LME

    National Bank of Greece on Friday launched a buy back of a US retail-targeted capital issue to boost its capital and comply with the EU’s conditions of its recapitalisation plan for Greek banks.

    • 30 May 2013
  • Banco Popolare closes tender with 31% participation

    Italy’s Banco Popolare bought back just under €426m of capital securities in a liability management exercise, at a slight premium to market value.

    • 30 May 2013
  • Société Générale T2 recovers after fixed income meltdown

    A new tier two bond from Société Générale bore the brunt of a widening in the secondary FIG spreads on Thursday, being marked up to 15bp wider after pricing, said bankers away from the trade. It had retraced most of the losses by the afternoon but the initial widening served as a warning to prospective issuers of tier two paper.

    • 30 May 2013
  • SocGen tier two suffers amid fixed income meltdown

    Société Générale’s new tier two bond bore the brunt of widening in the secondary FIG market on Thursday, widening up to 15bp after pricing. The deal’s poor performance was mirrored in the senior unsecured market, and was an unfortunate first indication of how far investor sentiment has shifted in the past week.

    • 29 May 2013
  • Piraeus Bank closes tender for tier one boost

    Greece’s Piraeus Bank has completed a buyback of hybrid and subordinated debt as part of the country’s European Union and International Monetary Fund-backed bank recapitalisation scheme.

    • 28 May 2013
  • SocGen returns to euros with sub tier two

    Société Générale was building books on a 10 year subordinated tier two transaction on Wednesday, its first such deal in euros since 2008.

    • 28 May 2013
  • Insurance pair bring Swiss debuts

    Friday and Monday saw a flurry of insurance activity in Swiss francs, with Netherlands-based Achmea selling its Swiss debut on Monday, closely following the inaugural senior unsecured bond from Swiss Life.

    • 27 May 2013
  • Banco Popolare closes tender with 31% participation

    Italy’s Banco Popolare is to buy back just under €426m of capital securities that it targeted in a liability management exercise, at a slight premium to market value.

    • 27 May 2013
  • Markit Data 1306

    • 23 May 2013
  • Deutsche triumphs with new tier two structure for US

    Deutsche Bank introduced a new tier two structure for the US market on Tuesday with a $1.5bn offering of 15 year non-call 10 subordinated notes. The trade opens the way for other European issuers to target domestic US liquidity — indeed, one banker told EuroWeek a similar deal would be launched in the next two weeks.

    • 23 May 2013
  • Pressure off for Lloyds and RBS as PRA reveals capital requirements

    Speculation over massive capital holes at Lloyds and Royal Bank of Scotland was thrown aside on Wednesday as both banks said they saw no immediate need to issue fresh shares or print contingent capital securities to meet new regulatory capital requirements set by the Prudential Regulatory Authority. Other UK banks could still issue Cocos, however, said bankers.

    • 21 May 2013
  • FIG hits pause but pipeline healthy

    FIG issuers were cooling off on Monday as public holidays across Europe kept syndicates and investors alike away from their desks. But they will be keen to return with the market in fine shape and a clutch of issuers on the road.

    • 19 May 2013
  • Markit Data 1305

    • 16 May 2013
  • Morgan Stanley’s 10 year sub raises $2bn

    Morgan Stanley and American Express Company provided the bulk of the action for dollar investors waiting for Deutsche Bank’s lower tier two trade, which could come as soon as Friday.

    • 16 May 2013
  • Banco Popolare offers investors premium on capital buyback

    Italy’s Banco Popolare is offering investors a small premium to market value in a buyback of up to €600m of tier one and tier two capital instruments. The bank is targeting five lower tier two securities and four tier one bonds, and has said future calls on the securities would be made on an economic basis.

    • 16 May 2013
  • UBS courts European Coco demand by cutting out Asia

    UBS this week proved how much the investor base for loss-absorbing debt has shifted westwards, selling its new contingent capital trade mostly to European institutional investors. By doing so it was able to avoid the 50bp private bank concession that has courted demand from Asian high net worth investors for much of the year.

    • 16 May 2013
  • Banco Popolare offers premium on capital buyback

    Italy’s Banco Popolare is offering investors a small premium to market value in a buyback of up to €600m of tier one and tier two capital instruments.

    • 15 May 2013
  • Liverpool Victoria cleans up with capital markets debut

    UK insurer Liverpool Victoria got a warm reception from sterling investors on Wednesday with its debut capital markets transaction, a 30 year non-call 10 subordinated bond. The deal was handsomely oversubscribed and performed well in secondary trading, underlining the popularity of insurance credits and the strength of investor demand in the undersupplied sterling market.

    • 15 May 2013
  • LV= cleans up with capital markets debut

    UK insurer Liverpool Victoria got a warm reception from sterling investors on Wednesday with its debut capital markets transaction, a 30 year non-call 10 subordinated bond. The deal was handsomely oversubscribed and performed well in secondary trading, underlining the popularity of insurance credits and the strength of investor demand in the undersupplied sterling market.

    • 15 May 2013
  • Institutional accounts on board with UBS Coco

    European institutional investors enthusiastically supported UBS’s 10 year non call five contingent capital trade on Wednesday, buying almost half of the deal, after the issuer decided not to offer private bank investors the 50bp concession that has attracted that bid in the past.

    • 15 May 2013
  • EuroWeek Bond Awards 2013

    The results of EuroWeek's Bond Awards 2013 were announced at our annual Bond Dinner on May 15 at the Guildhall in London. Read the full list of winners and runners-up - all decided in a poll of market participants - here.

    • 15 May 2013
  • European buyers stump up for UBS Coco, sterling feels the LV=

    European institutional investors reinforced their support for loss-absorbing capital instruments on Wednesday, providing the majority of demand for UBS’s low-trigger Coco and allowing the bank’s syndicate to price the deal inside the initial pricing range. Meanwhile, UK insurer Liverpool Victoria made its capital markets debut with a sterling denominated subordinated bond.

    • 14 May 2013
  • HSBC and Nordea lead Yankee bond rush

    Nordea Bank printed its biggest senior unsecured deal in more than a year as banking and financial names returned in force after last week’s lull.

    • 09 May 2013
  • Co-op Bank debt tanks on 'unacceptable' Moody’s downgrade, but contagion limited

    Moody’s decision to downgrade Co-op Bank’s senior and deposit ratings by six notches — making its outstanding paper sub-investment grade — left the issuer’s debt reeling in the secondary market on Friday.

    • 09 May 2013
  • Bank capital pipeline builds but deluge yet to materialise

    Loss absorbing capital is set to become the word on every investor’s lips over the next few months — especially after last week’s market opening additional tier one trade from BBVA. Investors are hungrier than ever for paper, but while BBVA’s multi-trigger trade showed that issuers can structure deals to cover all regulatory bases, other borrowers may wait a couple of extra months to print.

    • 09 May 2013
  • RBI continues Swiss sub success

    Raiffeisen Bank International sold subordinated Swiss franc debt on Monday, hooking private bank investors on the lookout for high yielding paper. The deal saw some follow-on demand on Tuesday, allowing a small increase on the same terms. The deal is the latest in a series of successful subordinated bonds aimed at this investor base.

    • 09 May 2013
  • Markit Data 1304

    • 09 May 2013
  • Man sticks with exit consent buyback for LT2

    Man Group has followed its buyback of 2015 senior bonds, completed last Thursday, with a tender for $232m of lower tier two debt due in 2017. Again, the issuer has decided to use an exit consent method — a tactic normally employed in distressed situations.

    • 09 May 2013
  • UBS to print ‘carbon copy’ Coco

    UBS is planning to tap European institutional investors’ renewed interest in loss-absorbing debt with a US dollar Reg S contingent capital trade, which could come next week.

    • 07 May 2013
  • LV= seeks summer romance with capital markets debut

    UK insurer Liverpool Victoria, known as LV=, is set to tap the sterling market for a subordinated deal, which would be its debut transaction in the capital markets.

    • 06 May 2013
  • RBI continues Swiss sub success

    Raiffeisen Bank International sold subordinated Swiss franc debt on Monday, targeting private bank investors on the lookout for high yielding paper. The deal is the latest in a series of successful subordinated bonds aimed at this investor base.

    • 06 May 2013
  • Citi scales down euro buyback

    Citi is buying back €489.5m of subordinated bonds at a premium to market value in a liability management exercise, after investors tendered €785.8m of the €2.05bn of outstanding debt targeted in the tender offer.

    • 06 May 2013
  • Markit Data 1303

    • 02 May 2013
  • Deutsche eyes US for T2 return

    Deutsche Bank is set to tap US investors for tier two capital in May, in its first SEC-registered trade in that asset class. The roadshow comes after Deutsche revealed that it was looking at subordinated debt issuance when it announced its capital raise earlier this week. If the deal comes, it will be the first time the bank has printed capital since its last lower tier two trade in June 2010.

    • 02 May 2013
  • Man sticks with exit consent buyback for LT2 bonds

    Man Group has followed its buyback of 2015 senior bonds, completed on Thursday, with a tender for $232m of lower tier two debt due in 2017. Again, the issuer has decided to use an exit consent method — a tactic normally employed in distressed situations.

    • 02 May 2013
  • Spain’s BBVA in AT1 capital breakthrough despite complexity

    European institutions finally shed their aversion to contingent convertible structures this week, taking as much as 60% of a ground-breaking new issue from BBVA and giving hope to other EU banks in need of additional tier one capital, writes Will Caiger-Smith.

    • 02 May 2013
  • Deutsche heads west for tier two return

    Deutsche Bank is set to tap US investors for tier two capital in May, in its first SEC-registered trade in that asset class. The roadshow comes after Deutsche revealed that it was looking at subordinated debt issuance when it announced its capital raise earlier this week. If the deal comes, it will be the first time the bank has printed capital since its last lower tier two trade in June 2010.

    • 01 May 2013