Polling the AT1 Investor Base

The charts and information included in the following pages have been extracted from a piece published by Morgan Stanley’s European Banks Research team on May 20, 2015 entitled ‘AT1 – The Investor Base’. The research piece was published on the back of an AT1 survey conducted independently by Morgan Stanley’s Fixed Income Research department in April 2015. The extracts included here are for illustrative purposes only and selected to provide a recent perspective of the AT1 investor base. For the avoidance of doubt, these information points do not constitute Morgan Stanley Research and should not be considered as a Morgan Stanley research publication.