Moved to tiers: Spanish banks could reopen red hot AT1
A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.
Market participants have taken notice of the one-way traffic in the secondary market for AT1, which has been buoyed by a number of firms revealing higher capital ratios and lower coupon cancellation thresholds this quarter.
The asset class has easily been the best performing part of the
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