The market for hybrids is open for business!

  • BPCE (A2/A/A) announced a benchmark USD RegS/144A dated Tier 2 transaction with IPTs of UST+230bps area.
  • HSBC Bank Plc (Aa3/AA-/AA-) is expected to issue its inaugural multi-currency AT1 transaction this week following a global investor roadshow.
  • Credit Agricole (A2/A/A)  is holding investor meetings in the US and Europe starting from 8 September for a possible USD RegS/144A AT1 transaction.
  • Nordea Bank (Aa3/AA-/AA-) announced investor meetings from 10 to 12 September for a possible inaugural RegS/144A  AT1 transaction.
  • Atradius (A3/NR/NR) conducted investor meetings in Europe for a possible EUR Tier 2 transaction, subject to market conditions.
  • Man Group (NR/NR/NR) issued USD 500m RegS 10NC5 Tier 2 bonds (asset manager).
  • Intesa Sanpaolo (Baa2/BBB/BBB+) issued benchmark EUR RegS Tier 2 bonds.
  • Hannover Re (NR/AA-/AA-) issued RegS EUR 500m PerpNC11 Tier 2 notes.
  • Barclays (A3/A-/A) issued USD 1.25bn of SEC-registered 10-year bullet Tier 2 bonds.
  • Sumitomo Mitsui Financial Group (Baa2/A/A-) priced a dual-tranche Tier 2 issue totalling JPY 135bn (EUR 978m eq.).
  • Swiss Re (Aa3/AA-/A+) priced a RegS USD 30NC10 Tier 2 transaction issued out of its subsidiary Swiss Re Corporate Solutions.
  • UniCredit (Baa2/BBB/BBB+) priced its EUR RegS benchmark AT1 transaction announced on 27 August.
  • Industrial & Commercial Bank of China (ICBC) Macau (A2/NR/A) priced a RegS USD 320m 3.875% 10NC5 Tier 2 issue.
  • JP Morgan (A3/A/A+) issued USD 3bn of SEC-registered 10-year bullet Tier 2 bonds.
  • ZJ Tailong Commercial Bank (NR/NR/NR) issued CNY 700mn (EUR 86m eq.) 6.5% 10NC5 Basel-III compliant Tier 2 bonds
  • Banco Santander (Baa1/BBB+/A-) reopened the European AT1 market with a RegS EUR 1.5bn PerpNC7 transaction.
  • Bank of America Merill Lynch (Baa2/A-/A) launched 2 SEC-registered AT1 transactions targeting separate investor classes.
  • China Taiping Insurance Holdings (NR/BBB+/A-) priced a benchmark RegS USD 600m 5.45% PerpNC5 Tier 2 issue.

Thanks to Societe Generale Capital Structuring Group.