Regulatory Capital - All Articles

  • Italian banks play catch up over NPLs

    Asset quality took a turn for the worse in 2015 for Italy’s banks, whose future remains unclear despite newly approved plans for a state-backed bad bank.

    • 28 Jan 2016
  • RBS takes £3.6bn hit in legacy clean-up

    Royal Bank of Scotland announced £3.6bn of extra costs related to litigation and pensions on Wednesday, which will take the part-nationalised lender to a full year loss.

    • 27 Jan 2016
  • Rabo capital chief moves on

    Rabobank’s treasury has lost its head of capital and secured products to its own investment bank.

    • 27 Jan 2016
  • EC group mulls ripping up bank capital rulebook

    Subordinated senior unsecured debt could become a thing of the past almost as soon as it came into being if a European Commission group of banking experts can persuade officials to reopen regulatory negotiations to harmonise capital rules and redefine tier two capital.

    • 27 Jan 2016
  • Covered bonds return as FIG looks to February

    European banks continued with their cautious approach to primary markets this week, but with covered bonds returning to the fore hopes are rising for a more exciting February.

    • 27 Jan 2016
  • Italy left behind as EU asset quality improves

    Non-performing loan ratios in all major European banking systems either improved or remained level in 2015, except for Italy’s.

    • 26 Jan 2016
  • ABC seeks approval for tier two issuance

    One of China’s big four banks, Agricultural Bank of China, is seeking shareholder approval to issue Rmb80bn ($12.16bn) worth of Basel III tier two capital notes in the period up to the end of 2018.

    • 25 Jan 2016
  • UniCredit launches third tender for retail sub debt

    UniCredit has offered to buy back up to €1.8bn of subordinated bonds mainly held by retail investors for the third time this year, as it looks to clean up its capital structure.

    • 22 Jan 2016
  • LBBW seizes moment after ECB bounce

    LBBW decided to launch €1.25bn of three year fixed rate senior notes on Friday, after hints of more stimulus from the European Central Bank gave a boost to market sentiment.

    • 22 Jan 2016
  • FIG primary market sees January issuance crumble

    The European primary market has been left almost bare this week, as a run of gloomy headlines weighed on secondary performance and left investors cautious.

    • 21 Jan 2016
  • Wall Street big hitters silenced amid global sell-off

    Lloyds Banking Group was the only FIG issuer to brave the senior unsecured dollar market this week as Wall Street’s biggest banks postponed their traditional post-earnings dash and issuance stalled at a seven-year low.

    • 21 Jan 2016
  • Brits to frontload to avoid Brexit brouhaha

    UK banks could look to stockpile their funding in 2016, as the country’s forthcoming EU membership referendum will cause capital markets to snarl up later in the year.

    • 21 Jan 2016
  • Italian banks suffer sub sell-off as investors flee the riskiest institutions

    Renewed concerns about Italian banks’ high levels of non-performing loans triggered a severe sell-off of their subordinated bonds this week, as the market enters the new bail-in era.

    • 21 Jan 2016
  • Periphery banks in crosshairs with stress tests looming

    Southern European lenders are back on the defensive as a European Central Bank inspection of non-performing loans drives a pronounced sell-off in equities and subordinated debt.

    • 20 Jan 2016
  • Sidelined banks find opening in dollars

    Lloyds, Dexia Crédit Local and Wells Fargo have all sought dollar funding this week, turning away from a bare European market to take advantage of a brighter tone in the US after bank results.

    • 20 Jan 2016
  • CNP prints super long private tier two

    CNP Assurances has turned to the private market to print a $500m tier two, which is now the French issuer's longest outstanding debt.

    • 19 Jan 2016
  • Fresh fears for Italian banks as sub debt tumbles

    The Italian subordinated debt market has come under further pressure this week, with spreads shooting wider amid renewed concerns about banks’ high levels of non-performing loans.

    • 19 Jan 2016
  • Créd Ag ramps up restructuring efforts

    Crédit Agricole is planning a radical restructuring of its regional bank model in what it calls an “ambitious project” to improve its capital structure.

    • 19 Jan 2016
  • January issuance halved as volatility dogs FIG

    Year to date FIG issuance volumes are barely half what they were in 2015, as a seemingly endless run of poor headlines has weighed on performance and left investors wary.

    • 18 Jan 2016
  • AT1 primary in rude health but secondary showing early shock

    Crédit Agricole and Intesa Sanpaolo required big premiums to reopen the euro and dollar additional tier one (AT1) markets this week, and bankers fear others will have to follow due to poor secondary liquidity in the product.

    • 14 Jan 2016
  • Crédit Agricole USD1.25bn 8.125% AT1

    • 14 Jan 2016
  • Svenska Handelsbanken GBP250m 2.375% Jan 22

    • 14 Jan 2016
  • Intesa Sanpaolo EUR1.25bn 7% AT1

    • 14 Jan 2016
  • ABN Amro EUR1bn 2.875% tier two

    • 14 Jan 2016
  • French banks get a boost from bail-in clarity

    Plans to create a new tier of debt in France has put minds at ease about the status of existing senior bonds, bolstering their performance and clearing the way for what could be a very busy year for French banks.

    • 14 Jan 2016
  • Under pressure: growing gloom puts FIG on pause

    FIG issuance ground to a halt on Thursday as borrowers paused to reflect on weak secondary trading and a global sell-off in equities, leaving Dexia Crédit Local alone in the market.

    • 14 Jan 2016
  • Hedge funds flee AT1 as Créd Ag book close to $4bn

    Additional tier one paper (AT1) from Intesa Sanpaolo and Crédit Agricole was holding firm in secondary on Thursday, despite global equities flashing red again, and bankers feel a lack of fast money is helping the asset class.

    • 14 Jan 2016
  • Investors take on risk as AT1 finds footing

    Financial institutions have taken an early plunge into additional tier one bonds this week, as European and US investors show willing to take on risk and put cash to work.

    • 13 Jan 2016
  • 'Future bright' for Intesa after euro AT1 bow

    Intesa Sanpaolo opened the 2016 additional tier one (AT1) market on Tuesday with its euro debut, and is now over halfway to its 2017 issuance target.

    • 12 Jan 2016
  • AT1 liquidity bites as Créd Ag reopens dollars

    Poor liquidity in the additional tier one market could keep new issue premiums in the product high for some time to come, according to some FIG bankers, who saw Crédit Agricole seek the depth of the dollar market again on Tuesday.

    • 12 Jan 2016
  • Pioneer hunts yield with new sub debt fund

    Pioneer Investments has set up a new fund to target the returns available in subordinated FIG debt, in response to the paltry yields on offer in the investment grade credit sector.

    • 12 Jan 2016
  • The show is on the road: TLAC in 2016

    Banks now know where they need to be in terms of the FSB’s total loss absorbing capacity (TLAC) requirements, but one big problem remains: how they’re going to get there. Tyler Davies reports.

    • 12 Jan 2016
  • Intesa eyes €3bn AT1 as ABN cranks up capital

    Intesa Sanpaolo is set to print the first additional tier one transaction of 2016 after opening the dollar tier two market for European banks last week, while ABN Amro opened the euro bank capital market on Monday.

    • 11 Jan 2016
  • Scary start to ’16 as share shock shutters senior sales

    FIG bankers are already fearing another window-driven year for FIG issuance after the financial markets’ torrid new year took another turn for the worse on Thursday.

    • 07 Jan 2016
  • Share scare shutters senior as 2015 ghouls return

    FIG bankers are already fearing another window-driven year for FIG issuance after the financial markets’ torrid new year took another turn for the worse on Thursday.

    • 07 Jan 2016
  • Turkey capital buffer update may spark T2

    Turkey's banking regulator has increased the pressure on the country's banks to print new style subordinated bonds.

    • 07 Jan 2016
  • BES: A nasty New Year’s resolution

    The principle of pari-passu among bondholders lays dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.

    • 05 Jan 2016
  • GlobalCapital reveals 2015 FIG Deals of the Year

    The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the financial institutions, public sector, emerging markets and corporate bond markets. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The FIG Deals of the Year 2015 winners are presented here.

    • 04 Jan 2016