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Four years after a Spanish bank launched the first Additional Tier 1, another has brought the market full circle. While it may have been a surprise for BBVA to open the market in 2013, it is not wholly unexpected that the ...

AT1 is dead! Long live AT1!

Editorial

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“That country now has collapsed — politically, economically, monetarily and constitutionally, and you will have years ahead of you to get out of this mess.”  ...

Who’s irresponsible now?

Editorial

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Bombshells! Death spirals! Meltdown! Events in the Additional Tier 1 market made for a perfect storm of journalistic clichés in the opening months of the year, and for once their use was justified. ...

Beyond the headlines

Editorial

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Was it all a nightmare? ...

We’re not quite back in Kansas

Editorial

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Deals barely subscribed. New issue premiums soaring. Execution windows ever slimmer. And market volatility at unprecedented levels. Could it get any worse? You bet. ...

A vote for volatility

Editorial

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A year ago, deeply subordinated debt markets and the nascent bank AT1 asset class were looking forward to an exciting year ahead. Twelve months later, a sense of foreboding is more appropriate. ...

New Year sales?

Editorial

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Publish and be damned. Quite. With comic timing, our last issue of Bank+Insurance Hybrid Capital went to press with an iteration of an oft-used post-crisis rhetorical question: “Correction? What correction?” ...

Issue and be damned

Editorial

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Correction? What correction? The Ides of March seem a long time ago now, with the underperformance of deals for the likes of KBC and Santander now looking likely to go down as a footnote in the history of the AT1 market ...

How low can you go?

Editorial

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Nobody said it was easy, as Coldplay’s Chris Martin sang. And he should know. ...

Nobody said it was easy

Editorial