Report
BPCE : To RAC or not to RAC?
After issuing its last Tier 2 instrument back in 2016, BPCE plans to return to the market for two Tier 2 2042/2027 and 2046/2031 issues. However, these will both be RAC Tier 2 bonds, structured to be compliant with S&P’s methodology and to boost the rating. - Why issue an RAC Tier 2 instrument? What potential risks do these structures carry vs vanilla Tier 2 paper? And how should triggers be monitored? We have sought to answer a few legitimate questions raised by these instruments,...
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Carine Maciol
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