Flynn Nicholls

Sydney, Australia - March 26, 2016: Commonwealth bank of Australia building in Sydney CBD

CBA rides capital wave to bring fourth euro tier two of the week

◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book

Flynn Nicholls, May 13, 2026

Regulatory Capital

UniCredit achieves size and tight pricing with its first tier two of 2026

◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts

Flynn Nicholls, May 12, 2026

Regulatory Capital

Brussels Old Town, Brussels Capital Region / Belgium - 12 20 2019: Modern rectangular facade of the ING bank and Insurance company

ING goes green with 12nc7 tier two

◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"

Flynn Nicholls, May 11, 2026

Regulatory Capital

Milan, Italy - 07 01 2025 : Intesa Sanpaolo bank facade

Intesa Sanpaolo Assicurazioni finds demand for rare insurance tier two

◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure

Flynn Nicholls, May 11, 2026

Leader

Room with rows of server hardware in an internet data center

Fear not the hyperscalers

FIG issuers have shown that investors are ready to absorb all the supply that comes their way

Flynn Nicholls, May 07, 2026

Senior Debt

HSBC Tower in Canary Wharf, London England United Kingdom UK

UPDATE: UK banks go head-to-head with senior euro deals

◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced

Flynn Nicholls, May 06, 2026