Bank securities thrashed in crisis déjà vu

AT1
By Graham Bippart, Tyler Davies
11 Feb 2016

It was hard to tell which was more worrying this week: the see-saw action in bank stocks, or the one-way tumble in additional tier one bonds. The only conclusion bankers and investors could offer is that, whether or not the industry is on the cusp of another meltdown, the issues of capital and funding are paramount once again. Graham Bippart and Tyler Davies report.

The AT1 market is only a small fraction of the bank bond market but it showed it was large enough to set up a negative feedback loop with financial stocks on Monday, as both sectors tanked on fears about the global economy that have been ...

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