UBS and Belfius trades indicate AT1 rally still has oomph

Rebai Silvano/Silvano Rebai - stock.adobe.com

The ski slope trajectory of additional tier one (AT1) coupon levels continued this week with UBS and Belfius locking in ultra-tight prices. And with investors keen on the credit fundamentals of banks and the relative value the AT1 product offers, the dynamics behind the rally still have steam.