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’Tear down this hybrid capital wall
The crackdown on hybrid capital begins and the Basel Committee on banking supervision is on the case.
From the FT:
The rules will force banks to substantially improve the quality and extent of the capital buffers they hold to absorb shocks.
Santander subordinates on siesta
What’s red and white and doesn’t redeem itself ’till December?
A Banco Santander LT2 callable bond!
Santander’s announcement last week, that it would not be calling one of its subordinated bonds,
The hybrid conundrum
RBS shares are up 2.7 per cent in London trading — on news that the bank will be alienating its bondholders by not calling four of its Tier 2 subordinated, or hybrid, bonds.
While not calling the bonds means RBS gets to keep a cheap source of capital for a while longer,
Hybrid debt attack hits RBS
Fresh from the LSE — a bombshell for the British bond market, courtesy of the FSA and the European Commission:
Released 4-Sep-2009
In the context of ongoing discussions between the UK Government and European Commission about the RBS restructuring plan and the Commission’s recent communication on restructuring,
KBCoupons!
The adventures in banks’ hybrid Tier 1 debt continue apace this Wednesday morning, via Belgium’s KBC.
From a Tuesday press release issued by the partially state-owned bancassurer:
1 September, 2009 – 5.45 p.m.
Hybrid heroes and villains
The market for Tier 1 bonds looks to have re-opened with Deutsche Bank’s €1.25bn and SocGen’s €1bn deals announced last week.
That’s the first issue of ‘normal’ European Tier 1 bonds, also known as subordinated or hybrid debt,
A Win-ning Lloyds campaign
Is it a coincidence that, just as Sir Win Bischoff prepares to assume chairmanship of Lloyds, we are being treated to some high-level — and positive — leaks regarding the part-government-owned banking group?
To wit,
Deutsche bonds with the retail investor
Deutsche Bank’s bond forays seem never too far from controversy these days.
To wit, this story, from the FT:
Deutsche Bank has become the latest big European institution to tap retail investors for funding,
Hybrid security (or not)
The market for the hybrid debt of British banks was rather roiled last week
First there was news that Northern Rock would be deferring payment of its suboordinated debt coupons. Then then there was a mass-downgrade of the hybrid debt of banks including Lloyds and RBS,