Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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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European insurance companies have limited refinancing needs in 2020, but analysts say that the sector will take advantage of market conditions to clean up capital structures for Solvency II. French insurance firm Scor this week was looking to beat the rush with a tap of a restricted tier one (RT1) bond. -
Phoenix Group Holdings, the UK life insurer, has stuck a deal to acquire ReAssure, the UK closed book life insurance division of Swiss Re, for £3.2bn in cash and shares.
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Bank capital experts were taken aback this week after UniCredit suggested that it would use subordinated debt to count towards its Pillar 2 capital requirements — a development that, if copied, could lead to a surge in the supply of additional tier one (AT1) and tier two bonds. It could also help financial institutions offset the negative capital impact of Basel IV. Tyler Davies reports.
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National Australia Bank returned to the Canadian dollar market for the first time in over nine years this week to place the largest ever Maple callable tier two, and the first since global financial crisis.
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Ageas sold a restricted tier one (RT1) bond this week in an effort to replace some of its grandfathered securities. The insurer secured tight pricing, bolstered by about €5bn of orders.
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Grenke priced an additional tier one (AT1) bond on Tuesday, enjoying strong appetite from domestic investors. The German lender raised €75m, an additional €25m compared with the expected size.
