How have AT1s traded this week
The events that unfolded over the weekend were sure to make for some volatile trading sessions in the Additional Tier 1 (AT1) market this week.
Insights Topic
TwentyFour
Bank of England joins the ECB on hierarchy
The Bank of England joins the European Central Bank in stating that there is a clear hierarchy when it comes to a resolution or an insolvency scenario.
Rules of the game - from Swiss finish to finished
Swiss regulators' decision to bail out Credit Suisse equity holders while wiping out AT1 debtholders will see long-term effects on bank debt markets and likely legal action says Eoin Walsh
Credit Suisse - In the eye of the storm
Partner Eoin Walsh explores what the potential outcome of regulatory intervention for Credit Suisse could mean as negative headlines persist for the bank.
Idiosyncratic or wider bank issue?
Deposit outflows at Silicon Valley Bank raise concerns over lending quality and mark-to-market losses, but is this a wider issue for the global banking sector?
Will bank lending change the ECB’s view on inflation?
European banks’ tighter lending standards are chipping away at corporate loan volumes and adding to the uncertainty surrounding the ECB’s inflation projections due later this month, says Felipe Villarroel.
February pull-back widens the entry point for fixed income
February was a nasty throwback to the sort of market conditions that battered fixed income in 2022, but the pull-back has given anyone worried they’d missed the January rally an even better opportunity, says Charlene Malik.
Traffic jam for European ABS issuers
With cheap central bank funding fading, European ABS issuers are back to placing deals in the primary market and broadening the range of liquid assets available to investors, says Doug Charleston.
Are markets finally following the Fed?
With 2023’s rally halted by the Fed’s hawkish messaging, Felipe Villarroel questions whether markets read the recent jobs data correctly and looks at what it means for terminal rate expectations.
High yield data shows buffer in corporate balance sheets
While corporate fundamentals are expected to deteriorate as rate hikes hit the economy, many metrics are pointing to record strength in the European high yield space, says George Curtis.
Let it go, turn away and slam the door
With commercial real estate continuing to suffer the effects of the COVID pandemic and inflation, Elena Rinaldi looks at one CMBS transaction highlighting the challenges facing the asset class.
Fundamentals suggest more upside for high yield bonds
With risk assets rallying hard in the early weeks of 2023, Chris Holman reviews fundamentals in high yield bonds to see if recent performance has left any value in the market.