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Bank : AT1- Euphoria does not last forever
Since our last update on AT1 instruments on 30 March, the AT1 market has seen exercises of calls and non-calls, a primary issue and a sharp tightening of spreads. If the market is to be believed, the crisis triggered by Covid-19 is almost behind us. The comparison with the crisis of 2008 only lasted during the stress period in March – since in 2008/2009, the duration of the repricing was calculated in months, not in weeks! That said, a comparison with 2008 was not correct given t...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Carine Maciol
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