AT1 issuance YTD nears €30bn, bevy likely post-AQR

By Graham Bippart
26 Jun 2014

After a busy week last week in the additional tier one market with deals from Société Générale and Coventry Building Society, as well as a large exchange of old-style capital for new from Barclays, issuance of deeply subordinated hybrid capital from European financial institutions has climbed to nearly €30bn so far this year.

European AT1 issuance stands at €28.77bn for the year to date, according to data and research firm CreditSights.

That’s not quite half the projections of around €65bn-€70bn for bank AT1 issuance in 2014. And with the summer lull creeping up, there may be a quite light deal flow ...

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