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◆ Deal starts with 'intentionally' lower new issue concession than peers ◆ Slower book building may influence this week's tier two issuance ◆ Pre-funding ahead of French elections results in desired €750m size
French bank is marketing the only two deals in ABS primary
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
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Senior debt capital markets banker Pramod Shenoi joined independent research firm CreditSights at the end of last year. -
Moody’s and Standard & Poor’s have both placed Banca del Mezzogiorno-MedioCredito Centrale (MCC) on review for downgrade, after the Italian government confirmed it could use the state-owned bank to help recapitalise the struggling lender Banca Popolare di Bari.
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Iceland’s banks are expected to launch their first additional tier one (AT1) transactions in 2020, as they push on with optimising their capital structures.
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The European Commission is talking with Italy about its proposed rescue of the troubled lender Banca Popolare di Bari, after the country passed a decree law this week spelling out plans for state intervention.
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Italy and the EU provoked indignation this week, when Italy approved the use of public money to rescue Banca Popolare di Bari, a small regional lender faltering under the weight of bad loans. The decision looks likely to join a long list of cases when European Union rules designed to prevent government bank bail-outs have proved toothless, prompting market participants to think the EU has capitulated.
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Amid a grim outlook for their profitability, European banks have been looking at all manner of ways to cut costs. Bank capital investors should not be surprised if their next target is debt interest. That may mean banks cannot be relied on to call bonds as expected, just to maintain good relations with investors.
