In an attempt to appease regulators, banks are issuing Tier 1 debt capital that converts into equity if a certain trigger point is reached. However, only the biggest names - and those least likely to need to convert debt to equity - will be able to attract investor support for such issuance. Writer Charlie Corbett
Latest articles from Issuer
VTB swaps quantity for quality
July 28, 2010Russia's second largest bank has grown its assets more than 30 times over the past 10 years, but its new chief financial officer explains that a more measured business strategy has altered the bank's wholesale funding priorities. Writer Philip Alexander
Nimble KfW tests euro demand
July 6, 2010In the face of heightened debt market volatility in Europe and serious concerns over the long-term future of the euro, German development agency KfW found a window of opportunity to raise €5bn in a three-year deal. Writer Charlie Corbett
Unrated but not unloved
May 28, 2010UK travel company Thomas Cook's inaugural visit to the debt capital markets proved a successful one. Its dual currency euro/sterling issue closed with impeccable timing, just before a Greek tragedy and a UK farce.
Dong taps starved sterling investors
May 5, 2010Dong Energy took an opportunistic approach with its first sterling issue and found a hungry market, starved of issuance in 2010. Writer Charlie Corbett
Slovenia looks before it leaps
March 31, 2010Slovenia tracked the market's reaction to Greece's 10-year bond release in early March before moving quickly into action with its second bond issue of the year. Writer Edward Russell-Walling
Tullow takes the fast route to Africa
March 3, 2010Active in 23 countries, the UK’s Tullow Oil is now targeting the African market, a policy which took a huge leap forward in January with its $1.5bn purchase of Heritage Oil’s Ugandan assets, the funds for which were raised by an accelerated bookbuild that was completed in just over a week.
Canada's rare euro excursion pays off
February 1, 2010Canada, rarely observed in the international bond markets, sparked intense interest at the beginning of the year with its debut euro-denominated 10-year bond issue. Will there be more sightings to come, or is this just a one-time foray? Writer Edward Russell-Walling
Issuer strategy: Greece's dark cloud gets a silver lining
November 27, 2009Although Greece currently has the lowest sovereign rating in the eurozone and the highest budget deficit ratio, its membership was enough to reassure investors that its 15-year issue in November was a safe bet. Writer Edward Russell-Walling
Issuer strategy: Gazprom ignites demand
October 28, 2009In demand: Gazprom's headquarters in Moscow
Gazprom, one of the world's largest energy companies, has responded to its downgraded ratings with an ambitious issue of commercial paper in western Europe. The surprising outcome may have implications for years to come. Writer Edward Russell-Walling