AT1 Market Is Open Again in Europe After Credit Suisse’s Wipeout
- BBVA gets solid orders for its sale of up to €1 billion bonds
- Market froze after writedown of $17 billion Credit Suisse AT1s
A BBVA bank branch in Madrid, Spain.
Photographer: Manaure Quintero/BloombergThis article is for subscribers only.
The market for the riskiest type of bank debt in Europe is back open for business three months after the turmoil caused by a controversial wipeout of Credit Suisse Group AG’s bonds.
Banco Bilbao Vizcaya Argentaria SA and Bank of Cyprus Holdings Plc sold the first publicly-syndicated Additional Tier 1 bonds in the region since the writedown of $17 billion of the debt as part of UBS Group AG’s emergency rescue of Credit Suisse. Both lenders saw healthy demand in orders that far outpaced how much they offered.