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Tuesday, 19 February 2019

Alice Gledhill' s stories

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  • SHB fixes market that was never broken

    Bonds | 15 February 2019

    Svenska Handelsbanken delivered a blowout Additional Tier 1 transaction last Thursday, a further sign that investors have compartmentalised Banco Santander’s unprecedented decision this week not to redeem a similar security.

  • Market open for callable Spanish sub - from BBVA, at least

    Bonds | 15 February 2019

    Banco Bilbao Vizcaya Argentaria’s barnstorming Tier 2 trade dispelled any possible fear that investors would charge other Spanish lenders a premium to sell callable debt after Santander chose not to redeem an AT1 bond.

  • Santander

    AT1 market shrugs off Santander debacle

    Top News | 15 February 2019

    The bank capital market brushed off Banco Santander’s unprecedented decision to extend an Additional Tier 1 bond last week, but the bank’s reputation among investors was left in tatters after a controversial and confusing sequence of decisions.

  • BBVA

    Market open for callable Spanish sub - from BBVA, at least

    Ticker | 14 February 2019

    Banco Bilbao Vizcaya Argentaria’s barnstorming Tier 2 trade dispelled any possible fear that investors would charge other Spanish lenders a premium to sell callable debt after Santander chose not to redeem an AT1 bond this week.

  • Svenska Handelsbanken sign

    Handelsbanken "fixes market that was never broken"

    Ticker | 14 February 2019

    Svenska Handelsbanken delivered a blowout Additional Tier 1 transaction on Thursday, a further sign that investors have compartmentalised Banco Santander’s unprecedented decision this week not to redeem a similar security.

  • UniCredit headquarters

    UniCredit sells first subordinated bond since 2017

    Ticker | 13 February 2019

    UniCredit made up for lost time as it cleared a €1bn Tier 2 trade on Wednesday, its first subordinated bond sale since late 2017, but Italian economic and political uncertainty continues to cast a shadow over the country’s lenders.

  • Santander Bank branch

    AT1 market brushes off Santander saga

    Ticker | 13 February 2019

    Banco Santander’s decision to leave a €1.5bn 6.25% Additional Tier 1 bond outstanding has had little impact in secondary beyond its own curve, a sign that the broader sector can weather a major institution’s decision not to exercise a call.

  • ING Group logo

    ING Group takes strategic step into sterling

    Ticker | 12 February 2019

    ING Group has price its first sterling MREL-eligible bond, a £1bn seven-year, a move that will diversify funding sources as it tackles a €7bn-€9bn target in this format.

  • Santander

    Santander becomes first bank to extend AT1 bond

    Ticker | 12 February 2019

    Banco Santander entered the history books on Tuesday as it became the first bank to extend an Additional Tier 1 bond after months of speculation by declining to exercise the call option at the first opportunity. The decision will provide a significant test for the asset class.

  • esure

    Esure Group bonds plummet on SCR warning

    Ticker | 11 February 2019

    Esure Group bonds fell more than 20 points on Monday to a cash price of 81.50 following a warning late on Friday that its Solvency Capital Coverage ratio had fallen by nearly a third.

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