AT1s: new bottles, old wine

Many of the assumptions that surrounded older iterations of perpetual bank capital instruments are still there in the new class of additional tier one securities.

  • By Tyler Davies
  • 07 Feb 2019
Banco Santander stunned the FIG market this week when it sold $1.2bn of new AT1 securities. That’s because the new capital is expected to take the place of the bank’s €1.5bn 6.25% bonds, reversing a wide-held view in the market that these securities would be left outstanding past ...

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