Several UK banks could reopen the Additional Tier 1 capital market in the weeks ahead, as yield-starved investors find more to like in the risky asset class. AT1 issuance from European banks is down more than 50% year-to-date compared to 2015, and HSBC is the only UK bank to have sold a deal in what has been a horrid year for the asset class, pricing a US$2bn perpetual non-call five note at 6.875% in May. "There are a number of UK banks that have wanted to issue AT1 this year and have not been able to," one debt capital markets banker focused on UK lenders told IFR.
- MarketWatch•3 days ago
Royal Bank of Scotland and Natwest could become the first U.K. banks to charge customers to hold cash if the Bank of England yanks benchmark interest rates below zero.