International Trends In AT1 Bonds

  • Additional Tier 1 Capital securities (AT1s) issued by banks are approaching USD 300 billion mark internationally.
  • Chinese, Japanese and Indian Banks step up issuances as Russia launches its maiden issuance.

  • Local currency issuances dominate as USD strengthens.
  • Both credit spreads and volatility subside to the lowest in a year as ‘Margin of Safety’ (distance from trigger) increases.


Nikhil Johri

Nikhil Johri
Founder & Chief Investment Officer