UBS issue of capital instrument generates hotcake exuberance just months after Credit Suisse wipeout
Two lenders show market is no longer a no-go zone for issuers following Credit Suisse debacle
Additional tier 1 bond market faces ‘risk premium repricing’ in wake of Swiss bank’s debt being written down ahead of equity
Controversy around decision has rippled across the wider $260bn AT1 market
Current rout raises awkward questions about how useful these instruments are as capital buffers
ECB raises concerns shareholders were prioritised over investors holding additional tier 1 debt
Value of risky additional tier 1 debt written down to zero in move that is expected to jolt markets
Raising money is much trickier today, as Peloton has found out
Yields of 6% or more beckon, but be aware of the risks
Shanghai Pudong deal draws more than $1tn of orders as issuance of equity-linked instruments surges
Record coupon shows the costs Europe’s weaker lenders could face to raise coco bonds
Repurchasing the coco bonds is part of Swiss bank’s plan to reduce funding costs
2018 has become an ideal time to sell a combination of debt and equity
Market on pace for the biggest volume of issuance since financial crisis
Bondholders still seeking answers a year after Spanish lender’s abrupt failure
Debt sales come as regulation tightens and Bank of England withdraws cheap funding
Palliatives such as convertible bonds could be good pick-me-ups
Market for riskiest lender debt proves resilient as losses imposed on bank’s bondholders
Santander rescue sends riskiest form of debt to zero in eurozone first
Spanish issuer attracts €4.8bn in orders for €500m of subordinated bonds
Total returns for index of riskiest bank debt near 30 per cent for past year
