Investors cheer early refi of bank AT1s

Buyers say trend is a “win-win” for asset class shaken by Credit Suisse collapse


Banks are refinancing their additional Tier 1 (AT1) bonds early, and the trend is helping rebuild confidence in an asset class shaken by Credit Suisse’s collapse last year.

“Refinancing early is something that has become very frequent,” says Jérôme Legras, head of research at Axiom Alternative Investments, who calls the move a “win-win” for investors and banks alike. “It’s quite smart, and everyone seems to be happy about it.”

Early refinancing is allowing banks to lock in favourable financing

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