{"id":2096,"date":"2016-05-04T17:25:38","date_gmt":"2016-05-04T16:25:38","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.com\/?p=2096"},"modified":"2016-05-04T17:26:42","modified_gmt":"2016-05-04T16:26:42","slug":"the-additional-tier-1-market-in-the-face-of-regulatory-uncertainty","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/the-additional-tier-1-market-in-the-face-of-regulatory-uncertainty\/","title":{"rendered":"The Additional Tier 1 market in the face of regulatory uncertainty"},"content":{"rendered":"<p><i>Additional Tier 1 (AT1)<\/i><i>(1) <\/i><i> subordinated debt has been subject to high volatility since the start of the year. Below we attempt to explore what we believe to be one of the contributory factors, regulatory uncertainty. <\/i><\/p>\n<p><em>In this article we review the complex rules governing the distribution of profits to shareholders, bonuses to employees, and coupon payments to holders of AT1 debt. We then present the European Banking Authority\u2019s (EBA) \u2018clarifications\u2019 and the areas in which the European Parliament has called for further work.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>EQUITY TIER 1 CAPITAL(1) REQUIREMENTS: AN OVERVIEW<\/strong><i><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2097\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng1.png\" alt=\"tier1eng1\" width=\"1130\" height=\"1000\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng1.png 1130w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng1-300x265.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng1-768x680.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng1-1024x906.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng1-600x531.png 600w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>SUMMARY<\/strong><i><br \/>\n<\/i><\/p>\n<p>Whilst the regulatory uncertainty currently hovering over both the banking sector and the rules governing AT1 instruments is not necessarily good news, the pragmatic approach adopted by the political authorities and the financial supervisors in an effort to find a solution is, we believe, reassuring.<\/p>\n<p><i>\u00a0(1) see Glossary of Terms<\/i><\/p>\n<p><strong>THE EBA&#8217;S CLARIFICATIONS<\/strong><\/p>\n<p><i><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2098\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3.png\" alt=\"tier1eng3\" width=\"1102\" height=\"1096\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3.png 1102w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3-150x150.png 150w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3-300x298.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3-768x764.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3-1024x1018.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng3-600x597.png 600w\" sizes=\"auto, (max-width: 1102px) 100vw, 1102px\" \/><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2099\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng2.png\" alt=\"tier1eng2\" width=\"1098\" height=\"441\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng2.png 1098w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng2-300x120.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng2-768x308.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng2-1024x411.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng2-600x241.png 600w\" sizes=\"auto, (max-width: 1098px) 100vw, 1098px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>SEVERAL POSSIBLE SOLUTIONS<\/strong><\/p>\n<p><i><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2100\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng4.png\" alt=\"tier1eng4\" width=\"1063\" height=\"924\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng4.png 1063w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng4-300x261.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng4-768x668.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng4-1024x890.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng4-600x522.png 600w\" sizes=\"auto, (max-width: 1063px) 100vw, 1063px\" \/><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><strong>SAME RULES, DIFFERENT INTERPRETATIONS ACROSS EUROPE<\/strong><\/p>\n<p><i><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2101\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng5.png\" alt=\"tier1eng5\" width=\"1069\" height=\"256\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng5.png 1069w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng5-300x72.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng5-768x184.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng5-1024x245.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng5-600x144.png 600w\" sizes=\"auto, (max-width: 1069px) 100vw, 1069px\" \/><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2102\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng6.png\" alt=\"tier1eng6\" width=\"1088\" height=\"697\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng6.png 1088w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng6-300x192.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng6-768x492.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng6-1024x656.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/05\/tier1eng6-600x384.png 600w\" sizes=\"auto, (max-width: 1088px) 100vw, 1088px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Glossary of Terms<\/strong><\/p>\n<p><b>Subordinated debt: <\/b>a debt instrument where holders are only repaid after senior debt holders. In the case of financial institutions, several types of instruments called Tier 1 or Tier 2 exist. Their characteristics vary according to their particular issue details and degree of subordination. These instruments can be used for bail-ins.<\/p>\n<p><b>Senior debt: <\/b>a debt instrument where holders are repaid before subordinated debt holders. Financial institutions commonly use these securities to secure funding on the financial markets. These instruments can be used for bail-ins.<\/p>\n<p><b>Equity Tier 1 capital: <\/b>shareholder equity and retained earnings. Banks are required to have enough equity Tier 1 capital put aside to cover potential losses.<\/p>\n<p><b>CET1 (Common Equity Tier 1): <\/b>a term used to designate banks\u2019 equity Tier 1 capital. It is expressed in absolute terms or as a percentage ratio of risk-weighted assets.<\/p>\n<p><b>AT1 (Additional Tier 1): <\/b>a Tier 1 subordinated debt instrument where holders are repaid before shareholders but after all other types of debt holders. These instruments are subject to specific risk of coupon non-payment as well as principal write-downs under certain circumstances.<\/p>\n<p><b>Tier 2: <\/b>a Tier 2 subordinated debt instrument where holders are repaid before shareholders and Tier 1 debt holders but after all other types of debt holders.<\/p>\n<p><b>Bail-in: <\/b>the bail-in principle seeks to recapitalise a financial institution by calling upon shareholders and creditors. After shareholders, subordinated instruments are the first to be called upon and are either converted into equity or their principal amounts are written down. Senior debt is also bail-inable if necessary.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>(1) see Glossary of Terms<\/p>\n<p>The opinion expressed above is dated April 2016 and is liable to change<\/p>\n<p><i>\u00a0<\/i><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Additional Tier 1 (AT1)(1) subordinated debt has been subject to high volatility since the start of the year. Below we&hellip; <\/p>\n","protected":false},"author":101015,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[],"class_list":["post-2096","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Additional Tier 1 market in the face of regulatory uncertainty &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"The Additional Tier 1 market in the face of regulatory uncertainty Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/the-additional-tier-1-market-in-the-face-of-regulatory-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Additional Tier 1 market in the face of regulatory uncertainty &#8211; 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