FIG investors weigh up AT1s as first of 2018 arrives

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By Bill Thornhill, Jasper Cox
17 Jan 2018

Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments.

AT1 assets enjoyed a strong rally throughout 2017, with the average yield falling from 400bp on an option-adjusted spread basis to yielding about 200bp.

RBI’s new €500m AT1 is set to have a first call date in June 2025 and is written down if the Austrian lender’s ...

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