Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Europe's regulator seeks to reduce complexity while 'preserving banks' resilience and resolvability'
PKO is the fourth Polish bank to debut in the tier two market in the last year
Like another Gulf AT1 last week, this trade may not say much about international interest in the region's issuance
The €500m deal uses a master trust structure
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Other banks could be encouraged to follow the UK-based borrower in running tender exercises alongside new additional tier one issues -
Record low coupons should give way to new pricing methods in the additional tier one market
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The Australian bank took a large chunk out of its tier two programme with a local currency deal.
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Market participants expect financial institutions will step up their focus on labelled issuance after the summer break, though supply has already shot past the full year volumes for 2020.
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Credit investors are pleased with how banks performed in the EU stress test, though the sector lost more capital on average than it did in the previous exercise in 2018. The market was even sanguine about Banca Monte dei Paschi di Siena, which will be able to stick to its ‘fallback’ plan despite losing all its capital under the adverse scenario.
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Standard Chartered opened books for a dollar additional tier one (AT1) bond on Tuesday, pairing the new issue with an early tender for its perpetual non-call April 2022 note.
