Bankers bay for more as AT1 deals hit screens but warn it will be no cakewalk this time

By Graham Bippart
28 Aug 2014

The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.

On Wednesday, UniCredit announced it will be roadshowing its first euro denominated additional tier one (AT1) trade, beginning on September 1. The deal will be structured with a 5.125% common equity tier one (CET1) trigger, at which point the bonds would be temporarily written ...

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