Flynn Nicholls

Regulatory Capital

Volatile euro AT1 market gets going again with sub-benchmark trade

New deals appear in euros and dollars after substantial dollar issuance last week

Atanas Dinov, March 23, 2026

Leader

The skyline of Frankfurt, skyscrapers, in the middle of the Main Tower of Commerzbank, 07.03.2026 in Frankfurt,

European banks: find the guts — and the sense — to issue at home

Defaulting to dollars in volatile times denies the euro market the resilience it needs

Flynn Nicholls, March 20, 2026

FIG

Peace through strength foreign policy concept represents military power as a powerful and strong war hawk holding an olive branch for freedom.

FIG market searches for signs of stability as central banks turn hawkish

European Central Bank's more 'balanced' tone may offer reprieve for bond execution

Atanas Dinov, March 19, 2026

FIG

President of European Central Bank Christine Lagarde addresses the media during a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, March 19, 2026. (AP Photo/Michael Probst)

FIG market stays cautious as it digests 'confusing' ECB message

Inflation fears and rate volatility keep euro issuance at bay

Flynn Nicholls, March 19, 2026

Regulatory Capital

Danske Bank dollar AT1 suffers heavy attrition in fragile market

◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost

Flynn Nicholls, March 18, 2026

Regulatory Capital

HSBC attracts strong demand to restart AT1 market with $2.5bn deal

◆ First capital trade by an international bank since Iran war began ◆ Fair value debated, some spot visible concession ◆ $2.5bn size across two tranches supported by $17bn book

Flynn Nicholls, March 17, 2026