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Tuesday, 11 December 2018

Helene Durand' s stories

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  • Virgin Money logo

    Brexit risk sees CYBG Tier 2 fly under the radar

    Ticker | 07 December 2018

    CYBG plc opted for the safety of a club deal to sell subordinated debt this week as it sought to sidestep Brexit-related execution risk for its first bond since the completion of its acquisition of Virgin Money.

  • No-call fear rocks Santander AT1

    Bonds | 07 December 2018

    The yield on a €1.5bn Banco Santander Additional Tier 1 has sky-rocketed as the market increasingly prices in the chance of the bank not calling the bond at the first opportunity next year.

  • ING pulls Tier 2 as shivers run down credit markets' spine

    Bonds | 07 December 2018

    ING Group threw in the towel on a Tier 2 US dollar trade last Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year.

  • Santander

    No-call fears send Santander AT1 yield to all-time high

    Ticker | 06 December 2018

    The yield on a €1.5bn Banco Santander Additional Tier 1 has sky-rocketed as the market increasingly prices in the chance of the bank not calling the bond at the first opportunity next year.

  • The logo of ING bank is seen by the entrance of the group's main office in Brussels

    ING pulls Tier 2 as shivers run down credit markets' spine

    Ticker | 04 December 2018

    ING Group threw in the towel on a Tier 2 US dollar trade on Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year.

  • MOVES-Rabobank appoints syndicate head, adds for SSA

    Ticker | 04 December 2018

    Rabobank has hired Harman Dhami to head its debt capital markets syndicate, according to an internal memo seen by IFR.

  • The Italian flag waves in front of the "Altare della Patria" in downtown Rome

    Tough backdrop triggers IFIS bond tender

    Ticker | 03 December 2018

    Banca IFIS is offering to buy back up to €100m of a €300m bond it priced just over seven months ago even though the market backdrop for European lenders, and Italian banks in particular, shows little signs of improving.

  • UniCredit

    Pimco comes to UniCredit's rescue, but charges a hefty price

    Top News | 30 November 2018

    UniCredit will escape the embarrassment of potentially being in breach of new capital rules after Pimco agreed to buy a US$3bn five-year bond issued by the Italian bank - albeit only after demanding a princely ransom, with the fund manager set to rake in more

  • UBS faces DCM whistleblowing case

    People & Markets | 30 November 2018

    UBS was in the spotlight last week after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

  • Sabadell pulls off sub debt gamble

    Bonds | 30 November 2018

    Banco de Sabadell brought the first broadly placed Tier 2 from the eurozone periphery since June, a €500m trade that attracted over €900m of demand despite the torrid backdrop for subordinated bank debt.

  • Building societies get green light on bail-in debt

    People & Markets | 30 November 2018

    UK building societies will be able to issue senior bail-in-able securities from December, finally putting them on an equal footing with their bank peers as they look to build up their stacks of loss-absorbing debt.

  • The UBS logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada.

    UBS faces whistleblowing case in DCM

    Ticker | 30 November 2018

    UBS was in the spotlight this week, after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

  • A Banco de Sabadell branch

    Sabadell pulls off sub debt gamble

    Ticker | 29 November 2018

    Banco de Sabadell has brought the first broadly placed Tier 2 from the eurozone periphery since June, a €500m trade that attracted over €900m of demand despite the torrid backdrop for subordinated bank debt.

  • UniCredit

    UniCredit turns to private market to shore up TLAC

    Ticker | 28 November 2018

    UniCredit has stunned the market by issuing a US$3bn senior non-preferred five-year bond to Pimco, paying a substantial premium but largely removing an overhang of TLAC debt resulting from its inaction in the wholesale markets since January.

  • A view shows the Standard & Poor's building in New York's financial district.

    Insurance hybrids threatened by S&P downgrade

    Ticker | 28 November 2018

    About 10% to 20% of insurance hybrid debt could suffer from a one-notch downgrade if methodology changes proposed by S&P go through as suggested.

  • ABN AMRO bank headquarters

    Issuers make swift play for senior as tone improves

    Ticker | 26 November 2018

    ABN AMRO Bank and Raiffeisen Bank International pounced on an improving market backdrop to go out with senior trades on Monday, and while the starting premiums looked elevated, hopes were high the deals would throw the primary market wide open.

  • UK and EU flags

    UK bank debt crumbles under Brexit strain

    Top News | 23 November 2018

    UK bank debt was severely buffeted by headwinds as UK prime minister Theresa May strained to sell her draft Brexit deal, leaving investors nursing heavy losses and potentially making market access more difficult in 2019.

  • Fog lingers over loss-absorbing debt

    People & Markets | 23 November 2018

    As European banks bolster their loss-absorbing debt to meet new regulatory requirements, the role played by senior preferred and Tier 2 debt in capital stacks remains uncertain due to regulatory uncertainty.

  • MREL uncertainty lifts after Europe strikes deal

    People & Markets | 23 November 2018

    Europe has taken a step closer to hammering out a region-wide framework for loss-absorbing debt, two years after the European Commission proposed how it would implement global standards.

  • EU flags flutter outside the European Commission headquarters in Brussels

    MREL certainty nears as Council and Parliament strike deal

    Ticker | 23 November 2018

    The European Council and Parliament took a step closer to hammering out a regionwide framework that will see the implementation of global standards for loss-absorbing debt in Europe, two years after the European Commission proposal.

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