◆ Regulator starts collecting data on hedging and accounting of capital instruments ◆ Is AT1 debt or equity? ◆ BNP Paribas’s reclassification of future dollar AT1 provides an example
◆ ‘Novelty’ release reflects overlaps in bank capital requirements and market feedback ◆ New recommendations focus on RAC tier twos ◆ High level of standardisation achieved in the EU
◆ German lender to optimise funding and find investors beyond Germany ◆ Conducive market for credit issuance ◆ Non-preferred bonds outperform preferred paper
