Allianz Reports €1.9bn in Provisions for Fund Fiasco
Allianz has set aside €1.9bn in provisions during Q1 2022 regarding its Structured Alpha Funds. The insurer said that the amount set aside was a fair estimate of its remaining financial exposure with regard to ‘compensation payments to investors’ and...
India’s Axis Bank Planning Dollar ESG AT1 Issuance
Indian lender Axis Bank has appointed 10 investment banks including HSBC, Citi, MUFG, JP Morgan, Bank of America, Standard Chartered and Societe Generale for issuance of offshore ESG AT1 bonds of up to $1bn, contingent upon investor demand and pricing. The issue is...
Indian Banks Expected to Raise ~$2bn via Offshore AT1s
Five top Indian banks – HDFC Bank, SBI, Axis Bank, ICICI Bank and Bank of Baroda (BoB) are expected to raise a combined ~$2bn via offshore AT1s to boost their capital bases as demand for credit increases. ET sources report that Axis and HDFC Bank are likely to...
HSBC Senior Debt Downgraded To A3
Moody’s downgraded HSBC Holdings’ senior bond ratings to A3 from A2. They also downgraded the Baseline Credit Assessment (BCA) to a3 from a2, subordinated debt rating to Baa1 from A3, the non-cumulative preferred stock rating of Perps issued by HSBC Capital Funding...
