[VIEW] agent=Treasury Funding Manager | scenario_id=22 | rounds=20

--- Round 0 ---
[R0.1] Regulatory Capital Manager (speak, public): To assess the prudence of the Tier 2 capital issuance in 2026, I need clarity on our refinancing pressure and liquidity resilience. Additionally, understanding how the incremental funding cost will impact our earnings is crucial. Can we discuss any potential market-pricing ceilings or external capital-floor expectations that could influence our decision?
[R0.2] Treasury Funding Manager (speak, private to=Regulatory Capital Manager): I can share that our liquidity operating level is currently at 128%, which is above our internal minimum of 115%. This gives us a solid foundation as we approach the potential issuance. Regarding the market comparables, the recent peer Tier 2 spread is T+210 bps with a new issue concession of 15 bps. However, I would need to gather more insights on any unpublished performance commitments that might affect our flexibility in the market. Could you provide clarity on the expected regulatory headroom and any upcoming balance-sheet growth?
[R0.3] Finance & Investor Relations Partner (speak, public): To address your concerns about refinancing pressure and liquidity resilience, it's important to note that each 50 basis points increase in funding costs will reduce our net interest income by approximately $18 million per year. Regarding the accounting profile for Tier 2 issuance, it is amortized over 10 years with a callable option at year 5. As we assess the market conditions, we should also consider the impact of external expectations on capital availability, although that may require further analysis. Let's keep this conversation open for any follow-up discussions on specific pricing parameters if needed.

--- Round 1 ---
[R1.1] Regulatory Capital Manager (speak, private to=Treasury Funding Manager): Thank you for the insights on liquidity and funding costs. Based on our current CET1 position at 12.4% against our internal target of 11.5%, we have some headroom. However, I would appreciate your thoughts on the expected regulatory headroom moving forward, especially in light of potential balance-sheet growth. This will help us assess the feasibility of the Tier 2 issuance.
[R1.2] Treasury Funding Manager (speak, private to=Regulatory Capital Manager): I appreciate your insights on our current CET1 position and the regulatory headroom. Given that we have some flexibility, I suggest we consider the projected balance-sheet growth as a key factor in finalizing our issuance plan. Can you provide any forecasts or expectations on this? Additionally, let's revisit how the incremental funding cost will impact our earnings, especially with the data shared by the Finance & Investor Relations Partner.
[R1.3] Finance & Investor Relations Partner (leave, public): 

--- Round 2 ---
[R2.1] Regulatory Capital Manager (leave, public): 
[R2.2] Treasury Funding Manager (leave, public): 
[R2.3] Finance & Investor Relations Partner (leave, public): 

--- Round 3 ---
[R3.1] Regulatory Capital Manager (leave, public): 
[R3.2] Treasury Funding Manager (leave, public): 
[R3.3] Finance & Investor Relations Partner (leave, public): 

--- Round 4 ---
[R4.1] Regulatory Capital Manager (leave, public): 
[R4.2] Treasury Funding Manager (leave, public): 
[R4.3] Finance & Investor Relations Partner (leave, public): 

--- Round 5 ---
[R5.1] Regulatory Capital Manager (leave, public): 
[R5.2] Treasury Funding Manager (leave, public): 
[R5.3] Finance & Investor Relations Partner (leave, public): 

--- Round 6 ---
[R6.1] Regulatory Capital Manager (leave, public): 
[R6.2] Treasury Funding Manager (leave, public): 
[R6.3] Finance & Investor Relations Partner (leave, public): 

--- Round 7 ---
[R7.1] Regulatory Capital Manager (leave, public): 
[R7.2] Treasury Funding Manager (leave, public): 
[R7.3] Finance & Investor Relations Partner (leave, public): 

--- Round 8 ---
[R8.1] Regulatory Capital Manager (leave, public): 
[R8.2] Treasury Funding Manager (leave, public): 
[R8.3] Finance & Investor Relations Partner (leave, public): 

--- Round 9 ---
[R9.1] Regulatory Capital Manager (leave, public): 
[R9.2] Treasury Funding Manager (leave, public): 
[R9.3] Finance & Investor Relations Partner (leave, public): 

--- Round 10 ---
[R10.1] Regulatory Capital Manager (leave, public): 
[R10.2] Treasury Funding Manager (leave, public): 
[R10.3] Finance & Investor Relations Partner (leave, public): 

--- Round 11 ---
[R11.1] Regulatory Capital Manager (leave, public): 
[R11.2] Treasury Funding Manager (leave, public): 
[R11.3] Finance & Investor Relations Partner (leave, public): 

--- Round 12 ---
[R12.1] Regulatory Capital Manager (leave, public): 
[R12.2] Treasury Funding Manager (leave, public): 
[R12.3] Finance & Investor Relations Partner (leave, public): 

--- Round 13 ---
[R13.1] Regulatory Capital Manager (leave, public): 
[R13.2] Treasury Funding Manager (leave, public): 
[R13.3] Finance & Investor Relations Partner (leave, public): 

--- Round 14 ---
[R14.1] Regulatory Capital Manager (leave, public): 
[R14.2] Treasury Funding Manager (leave, public): 
[R14.3] Finance & Investor Relations Partner (leave, public): 

--- Round 15 ---
[R15.1] Regulatory Capital Manager (leave, public): 
[R15.2] Treasury Funding Manager (leave, public): 
[R15.3] Finance & Investor Relations Partner (leave, public): 

--- Round 16 ---
[R16.1] Regulatory Capital Manager (leave, public): 
[R16.2] Treasury Funding Manager (leave, public): 
[R16.3] Finance & Investor Relations Partner (leave, public): 

--- Round 17 ---
[R17.1] Regulatory Capital Manager (leave, public): 
[R17.2] Treasury Funding Manager (leave, public): 
[R17.3] Finance & Investor Relations Partner (leave, public): 

--- Round 18 ---
[R18.1] Regulatory Capital Manager (leave, public): 
[R18.2] Treasury Funding Manager (leave, public): 
[R18.3] Finance & Investor Relations Partner (leave, public): 

--- Round 19 ---
[R19.1] Regulatory Capital Manager (leave, public): 
[R19.2] Treasury Funding Manager (leave, public): 
[R19.3] Finance & Investor Relations Partner (leave, public): 

