AT1s are the last bastion of value, say investors

AT1
By Tyler Davies
24 Jan 2018

Financials credit investors signal that there could still be plenty of room left in the rally in the additional tier one bond market, which has had no let up for the best part of a year.

Raiffeisen Bank International (RBI) was the latest European bank to sell AT1 paper in the euro market, pricing €500m of perpetual non-call June 2025 bonds at 4.5% last Wednesday.

Despite being the second lower coupon rate ever in the AT1 market, the bonds have since tightened by ...

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