Bank : AT1: an overview of potential risks in 2019

At the same period last year, we published a note entitled: 2018, first call test for the market. This first test was successfully completed. In 2019, the market will face its first "non call". - > - For, as was the case in 2018, the main risk is the extension of the redemption date beyond the first call date. After a grand prelude in 2018, and systematic exercises of calls on the first AT1s in the first few weeks of this year, Santander will be one of the first banks not...