First euro-denominated AT1s since Credit Suisse issued

Bank of Cyprus and BBVA

Spain’s BBVA and Bank of Cyprus have issued additional tier 1 bonds yesterday (13 June), the first time euro-denominated AT1s have been made available since Credit Suisse’s rescue sale to UBS in March.

BBVA placed €1bn of AT1s on the market, the first time since July 2020 for the bank, with a redemption date of 21 December 2028. It set the interest rate for the bonds at 8.4%. Credit Suisse privately disputed Swiss regulator's AT1 bonds wipe-out - reports The Spanish bank said demand has reached €3.1bn, tripling the initial offer. BoC issued a much smaller amount of €220m, with an initial coupon of 11.8% per annum, payable twice a year. The redemption date for the AT1s has also been set for 21 December 2028, with the option to reset the bonds every five years. The Cypriot bank ...