Tier 2
Tier 2 instruments
Tier 2 instruments are subordinated bonds that count as gone-concern capital: they have a fixed maturity of at least five years, rank below all senior creditors, and are written down or converted after Additional Tier 1 has been exhausted.
Tier 2 absorbs losses after equity and AT1, and before senior non-preferred debt. Unlike AT1 it has no contractual trigger — it is reached through the resolution authority's powers. Full definition in the glossary.
Live instruments
870
Source: ESMA FIRDSUpdated 2026-07-25Issuers
60
Source: ESMA FIRDSUpdated 2026-07-25Notional (EUR lines)
EUR 290,520m
Source: ESMA FIRDSUpdated 2026-07-25EUR lines with notional
528of 870
Source: ESMA FIRDSUpdated 2026-07-25Notional is summed over EUR-denominated lines that report an amount. FIRDS carries no exchange rates, so amounts in other currencies are counted but never converted.
By issuer country
| Country | Instruments | Notional (EUR) |
|---|---|---|
| FRFrance | 279 | EUR 119,756m |
| ITItaly | 153 | EUR 41,059m |
| ESSpain | 82 | EUR 40,862m |
| GBUnited Kingdom | 75 | EUR 16,485m |
| DEGermany | 60 | EUR 8,059m |
| ATAustria | 42 | EUR 9,821m |
| NONorway | 37 | EUR 2,900m |
| NLNetherlands | 29 | EUR 16,000m |
| FIFinland | 26 | EUR 4,550m |
| SESweden | 21 | EUR 7,250m |
| BEBelgium | 18 | EUR 9,660m |
| DKDenmark | 13 | EUR 4,000m |
| IEIreland | 13 | EUR 3,744m |
| PTPortugal | 10 | EUR 3,471m |
| GRGreece | 7 | EUR 1,902m |
| CHSwitzerland | 5 | EUR 1,000m |
Largest issuers
By number of live instruments. Issuance count is not issuance volume — a bank running a large medium-term note programme shows many small lines.
- UniCreditIT90instruments
- BNP ParibasFR87instruments
- Crédit AgricoleFR82instruments
- Groupe BPCEFR56instruments
- Société GénéraleFR49instruments
- DNBNO37instruments
- Erste GroupAT34instruments
- Intesa SanpaoloIT32instruments
- NordeaFI26instruments
- HSBCGB23instruments
- Banco SantanderES22instruments
- BBVAES18instruments
- CaixaBankES18instruments
- ING GroupNL17instruments
- HelabaDE16instruments
Most recently issued
Source: ESMA FIRDSUpdated 2026-07-25| First trade | ISIN | Instrument | Issuer | Seniority | Ccy | Coupon | Maturity |
|---|---|---|---|---|---|---|---|
| 2026-07-21 | XS3422189202 | ISP 6.005 06/29/37 '36 FRN | Intesa Sanpaolo | T2 | USD | 6.005% | 2037-06-29 |
| 2026-07-20 | AT0000A3VRR8 | TIER-1 Erste Group Bank perp | Erste Group | T2 | EUR | 5.875% | Perpetual |
| 2026-07-16 | IT0005719494 | BANCO BPM SPA GREEN MC JAN38 T2 CALL EUR | Banco BPM | T2 | EUR | 4.125% | 2038-01-07 |
| 2026-07-15 | IT0005712663 | ISP 4.24 14/07/36 | Intesa Sanpaolo | T2 | EUR | 4.24% | 2036-07-14 |
| 2026-07-13 | IT0005716151 | Credit Linked Certificate su Intesa Sanpaolo S.p.A. (Subordinated) 27.12.2035 | UniCredit | T2 | EUR | 4.9% | 2035-12-27 |
| 2026-07-10 | FR0014019TX6 | BNPPARIBAS FX 4.965% MAR32 NOK | BNP Paribas | T2 | NOK | 4.965% | 2032-03-05 |
| 2026-07-02 | IT0005716102 | Credit Linked Certificate su Deutsche Bank AG (Subordinated) 27.06.2033 | UniCredit | T2 | EUR | 4.35% | 2033-06-27 |
| 2026-07-02 | IT0005716110 | Credit Linked Certificate su Barclays plc (Subordinated) 27.06.2033 | UniCredit | T2 | EUR | 4.25% | 2033-06-27 |
| 2026-06-26 | IT0005706004 | Credit Linked Certificate su Assicurazioni Generali S.p.A. Subordinated 27.06.2033 | UniCredit | T2 | EUR | 0% | 2033-06-27 |
| 2026-06-26 | IT0005715971 | Credit Linked Certificate su Barclays plc (Subordinated) | UniCredit | T2 | EUR | 3.7% | 2031-06-27 |
| 2026-06-26 | IT0005715989 | Credit Linked Certificate su Deutsche Bank AG (Subordinated) | UniCredit | T2 | EUR | 3.81% | 2031-06-27 |
| 2026-06-25 | IT0005715963 | Credit Linked Certificate su Generali S.p.A. (Subordinated) 27.12.2033 | UniCredit | T2 | EUR | 4.35% | 2033-12-28 |
| 2026-06-23 | US46115HCN52 | ISPIM 6.005 6/37 c36 (144a) INTESA SANPAOLO | Intesa Sanpaolo | T2 | USD | 6.005% | 2037-06-29 |
| 2026-06-16 | FR0014019BB0 | BPCE MC JAN34 CALL EUR | Groupe BPCE | T2 | EUR | Not disclosed | 2034-01-03 |
| 2026-06-16 | IT0005715799 | Credit Linked Certificate su Barclays plc (Subordinated) | UniCredit | T2 | EUR | 3.55% | 2031-06-27 |
| 2026-06-16 | IT0005715807 | Credit Linked Certificate su Lloyds Banking Group plc (Subordinated) | UniCredit | T2 | EUR | 3.53% | 2031-06-27 |
| 2026-06-16 | IT0005715815 | Credit Linked Certificate su Société Générale (Subordinated) | UniCredit | T2 | EUR | 3.45% | 2031-06-27 |
| 2026-06-16 | IT0005715831 | Credit Linked Certificate su Barclays plc (Subordinated) | UniCredit | T2 | EUR | 2.8% | 2027-06-28 |
| 2026-06-15 | FR00140199V7 | BNPPARIBAS FX 4.002% JUN36 EUR | BNP Paribas | T2 | EUR | 4.002% | 2036-06-23 |
| 2026-06-15 | PTBCPOOM0034 | BANCO COMERCIAL PORTUGUES S.A. Issue of EUR 500,000,000 Subordinated Fixed Rate Reset Notes due 22 June 2038 | Millennium BCP | T2 | EUR | Not disclosed | 2038-06-22 |
| 2026-06-11 | IT0005715773 | Credit Linked Certificate Floater su BNP Paribas Subordinated 28.12.2033 | UniCredit | T2 | EUR | 0% | 2033-12-28 |
| 2026-06-09 | XS3406830052 | NORDEA BANK ABP Issue of EUR 500,000,000 Green Fixed Rate Reset Subordinated Notes due 16 June 2036 | Nordea | T2 | EUR | 0% | 2036-06-16 |
| 2026-06-04 | IT0005706178 | Credit Linked Certificate su Banco Bilbao Vizcaya Argentaria S.A. (Subordinated) 28.12.2033 | UniCredit | T2 | EUR | 4.5% | 2033-12-28 |
| 2026-06-02 | FR0014018ZG0 | CDTAGRICOLES FX DEC33 CALL GBP | Crédit Agricole | T2 | GBP | 5.5% | 2033-12-20 |
| 2026-06-02 | XS3393974228 | NBS 4.000 06/09/37 '32 FRN | Nationwide | T2 | EUR | 4% | 2037-06-09 |
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