Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Revival of high LTV mortgage lending is creating an opportunity for more SRT and deconsolidation transactions
◆ Austrian lender's biggest capital deal for more than five years ◆ Higher yielding offering piques investor interest ◆ Return to subordinated green issuance
Market reopens with the first public ABS deal since July 24
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
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Iccrea Banca said on Tuesday that it had obtained the necessary regulatory approval to call two of its outstanding subordinated bonds, amid debate about the economic merits of leaving capital instruments outstanding. -
Deutsche Bank sold a new tier two on Monday while offering to buy back some of its non-preferred senior debt from investors. The liability management exercise will help the issuer adapt its balance sheet to a new regulatory environment amid Covid-19.
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European lenders are debating whether it is worth them taking advantage of new IFRS 9 transitional rules, with some market participants suggesting they will largely ignore any capital benefit gained through these sorts of relief measures.
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Plenum Investments, a catastrophe bond fund, is broadening its portfolio to include tier one and tier two debt issued by insurance companies. It is seeking to offer investors a higher risk-return option, and the announcement of the new fund comes at a time when spreads on subordinated insurance debt have widened.
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QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.
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Rabobank exercised a call option on one of its outstanding additional tier ones this week, with market participants expecting redemption to become the rule rather than the exception during the coronavirus crisis.
