AT1 & Tier 2 Bonds – Nuances within Prospectuses & Market Repercussions from FINMA’s Stance

  • Credit
  • Financials
  • Europe


Former executive at UBS Group AG


  • Mechanics behind financial institutional groups holdcos and opcos’ use of CoCos (contingent convertibles) and going concern triggers
  • Core holders of these instruments, looking at the decision and fallout from Credit Suisse’s (VTX: CSGN) (NYSE: CS) AT1 (additional tier 1) bonds being zeroed and future litigation risk
  • The demand outlook for AT1s and Tier 2s, reading through to spreads and how this impacts banks’ cost of funds
  • Banks’ abilities to issue new instruments and potential impact on market pricing
  • Anticipation of how regulatory bodies will view AT1s and Tier 2s going forwards


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