Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
US rate cut should support demand for long bonds
Debut issues, esoteric collateral and full cap stacks are dominating
Together had success in pricing its non-conforming RMBS
Both trades offer investors full cap stacks
More articles/Ad
More articles/Ad
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There is a golden opportunity for banks to set a precedent by issuing sustainability-linked bonds across the capital stack, rather than waiting for regulators to finish fretting over the guidance. -
Bank of Cyprus and Nykredit, at opposite ends of the FIG ratings spectrum, issued tier two bonds over the last week and both found strong demand from investors for the extra spread the product offers over senior debt. But with bank capital ratios rising, there seems little appetite among other issuers to follow.
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The European Banking Authority has warned issuers against rushing into the sustainability-linked bond market, as it works on deciding whether the structures conflict with eligibility criteria for capital and other loss-absorbing instruments. Despite the warning, market participants are pushing hard to make sure banks are able to issue SLBs in any format, writes Tyler Davies.
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The Single Resolution Board said this week that it could only get behind a "hybrid model" for the European deposit guarantee scheme (EDIS) if it forms part of a temporary solution on the way to establishing a fuller framework.
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Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.
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Luzerner Kantonalbank (LuKB) issued its first tier two bond in a decade this week, with the Sfr400m ($436m) deal expected to be index-eligible — a first for a Swiss franc callable tier two bond.
