Tough conditions can’t deter AT1 as market proves maturity

By Virginia Furness
13 Aug 2015

The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.

Four European banks have proved just that in the last two weeks by taking orders of more than $45bn to sell $7.85bn of additional tier one (AT1) debt in four sessions.

As UBS, Barclays and RBS have shown, AT1 is now altogether a ...

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