Banks reopen AT1 market for the first time in a month

By Frank Jackman, Tyler Davies
12 Nov 2020

NatWest Group and Société Générale reopened the additional tier one (AT1) market to some fanfare this week, as investors showed they were hungry for yield by snapping up the deals.

There has been no benchmark supply of AT1 capital since the end of September, when Svenska Handelsbanken priced two new deals in dollars. 

But a surge in risk appetite — brought on by Joe Biden’s victory in the US presidential election and positive news about a Covid-19 vaccine — created ...

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