Banks feel their way to freedom on whether to call AT1

Recent supply of additional tier one capital bonds has confirmed to investors that reset spreads are not the only game in town for banks, when it comes to deciding whether to leave an instrument outstanding beyond a call date.

  • By Tyler Davies
  • 27 Mar 2019

Talk of reset spreads reached fever pitch in February, when Banco Santander became the first European bank to extend the life of an AT1.

Investors had been focused on whether the interest rate payable beyond the first call date on the Spanish bank’s €1.5bn 6.25% AT1 — ...

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All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 381.18 1768 8.35%
2 Citi 352.10 1516 7.71%
3 Bank of America Merrill Lynch 303.24 1307 6.64%
4 Barclays 273.33 1144 5.99%
5 HSBC 225.32 1243 4.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 56.71 230 8.32%
2 Credit Agricole CIB 44.23 207 6.49%
3 JPMorgan 34.02 99 4.99%
4 UniCredit 30.28 160 4.44%
5 SG Corporate & Investment Banking 29.88 150 4.39%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13.16 82 8.27%
2 Goldman Sachs 12.58 64 7.90%
3 Morgan Stanley 12.18 55 7.65%
4 Citi 10.09 71 6.34%
5 Credit Suisse 6.93 38 4.35%