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Latest News
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AT1 market set for second busiest year on record
Additional tier one supply has already surpassed expectations in 2020, with the asset class on course for its second busiest year of all time.
26 Oct 2020 -
Markets expect EBA guidance will force action on legacy bank capital
European banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.
23 Oct 2020 -
Bank supply to be muted ahead of US election
Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.
23 Oct 2020 -
UK moves early to dispel fears about bank capital buffers
Markets rejoiced this week after the Bank of England proposed policy changes that will make it harder for UK lenders to run into automatic restrictions on their additional tier one coupons and equity dividends. The move was seen as a way of addressing concern about ‘buffer usability’, which has come to the fore during the Covid-19 pandemic.
22 Oct 2020 -
A friendlier face for UK bank supervision
Prudential rules will become more supportive for UK banks after Brexit.
22 Oct 2020 -
Rabo finds a way to reward its Certificate holders
Rabobank intends to make an exceptional distribution on its equity-like Certificates and will avoid breaching the European Central Bank’s dividend ban by paying its investors in more Certificates rather than in cash.
22 Oct 2020 -
BoE to ease MDA rules for UK banks
The Bank of England said this week that it would loosen some of the rules around the maximum distributable amount for UK banks after Brexit, making it harder for them to trigger restrictions on their additional tier one (AT1) coupons and equity dividends.
21 Oct 2020 -
EBA looks to halt 'infection risk' on legacy capital
Much of European rule making in wider society has been about preventing infection spreading to the elderly of late. But the European Banking Authority has instead weighed in on the "infection risk" that stems from grandfathered securities.
21 Oct 2020 -
Peak Re bags subordinated bond
Hong Kong-based Peak Reinsurance Co rolled out a subordinated perpetual bond on Tuesday, netting $250m from the deal.
21 Oct 2020 -
ECB laments lack of CCy cap before Covid
The European Central Bank said this week that it thought a stronger role for countercyclical capital buffers would be key in making sure that banks use their available resources to boost lending in times of crisis.
20 Oct 2020 -
UnipolSai gives Italy its first RT1 bond
UnipolSai Assicurazioni was nearly three times subscribed for a restricted tier one (RT1) this week — the first of its kind in Italy. An attractive coupon helped to offset any concerns about Italian sovereign risk or a lack of liquidity in the RT1 market.
20 Oct 2020 -
Quintet debuts with small AT1
Luxembourg's Quintet Private Bank tapped the market for €125m of additional tier one (AT1) paper on Friday, marking its debut in the asset class.
19 Oct 2020 -
La Banque Postale prints first T2 in three years
La Banque Postale (LBP) printed €500m of January 2031 non-call January 2026 tier two paper this week, its first in the format in over three years.
19 Oct 2020 -
UnipolSai to call T2s after debut RT1 issuance
Italian insurer UnipolSai Assicurazioni will be hoping to launch its first restricted tier one (RT1) bond this week, after which it could retire a pair of its lower quality tier two instruments.
19 Oct 2020 -
UK to ditch MREL MDA after Brexit
The UK government has said that banks will still be able to make investor distributions if they fall below their minimum requirements for own funds and eligible liabilities (MREL) after Brexit — in an early of sign of divergence from the EU rulebook.
19 Oct 2020
