Investors lap up RBI AT1 despite extension risk

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Investors lap up RBI AT1 despite extension risk

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fans in the grandstand and a large Austrian flag. 09.07.2017. Formula 1 World Championship, Rd 9, Austrian Grand Prix, Spielberg, Austria, Race Day. Photo credit should read: XPB/Press Association Images. | XPB/XPB Images/Press Association Images

Raiffeisen Bank International’s additional tier one (AT1) bond — the first in the asset class this year — met a wall of demand and was priced with a coupon that was tighter than all but one euro AT1. This was in the face of investors’ preference for bonds offering a higher reset spread, increasing the chance of bonds being called.

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