Low trigger AT1s popular after Popular
Investors have largely discredited the idea that the distance between an additional tier one (AT1) trigger point and a bank’s reported capital position is a clear indication of risk, but banks continue to profit from a distinction between high and low triggers.
NIBC, the Dutch financial institution, will start marketing a €150m perpetual non-call five or seven year additional tier one (AT1), as small and large banks look to access the market for capital.
The Dutch bank will use a low trigger for the new AT1, whereby the bonds can
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