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
Europe
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?
CLO documentation provides downside protection to investors
As we approach the end of the economic cycle, tighter documentation is becoming increasingly important in providing downside protection against credit and extension risk of CLOs, says Pauline Quirin.
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.
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.
Time to extract value from Europe’s bargain bonds
When Wall Street’s army of analysts were publishing their outlooks for 2023 back in November, there was very little love for Europe.
The compelling case for ABS in 2023
Having done its job of delivering lower volatility and better performance than mainstream bond markets in 2022, the income and defensive characteristics of European ABS look equally compelling in 2023, says Doug Charleston.
Bracing for impact in commercial real estate
With commercial real estate seen to be in the eye of the storm as interest rates rise, Aza Teeuwen looks at the potential impact on CMBS and CRE loans and highlights where valuations could be most at risk.