AT1 leads FIG through Ukraine uncertainty

It takes more than geopolitical tensions to derail the additional tier one market, it seems. FIG debt held firm as the US and Russia postured over Ukraine, allowing three European banks to add around 20% to total the outstanding volume of AT1 paper this week alone. Covered bond supply has also spiked, but senior unsecured supply has again been slow with investors distracted by the bright lights of AT1.