HALISTER1: Europe Banks’ 2016 AT1 Issuance Forecast Cut to EU15b-25b: HSBC

Europe Banks’ 2016 AT1 Issuance Forecast Cut to EU15b-25b: HSBC

(Bloomberg) -- AT1 issuance forecast for 2016 cut from previous EU30b-40b est., HSBC analysts Ivan Zubo and Dominic Kini write in April 5 client note.
  • Coco market “is here to stay” even after cut in ests. and only EU5b (equiv.) of AT1 sales in 1Q; expects highest quality names to be able to access the market “for foreseeable future”
  • Revises 2016 senior unsecured issuance estimate to EU200b-240b from EU240b-280b, citing funding available to banks from second TLTROs
  • Affirms Tier 2 issuance expectations of EU30b-40b
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Ivan Zubo (HSBC Bank PLC)
Dominic Kini (HSBC Treasury & Capital Markets)

Topics
Subordinated Debt

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