AT1 market impervious to Bremer LB coupon cancellation

摘要

The wider subordinated bank bond market brushed off bremer landesbank's well-flagged decision to cancel its Additional Tier 1 coupon payments, with Raiffeisen Bank International announcing a debut deal just days later. The Bank of America Merrill Lynch CoCo index closed at 5.197% on Tuesday, in line with the year's tights, after the German bank confirmed that day it would not pay the next coupons, due June 29, on a €50.2m 8.50% PNC2020 and a €100m 9.50% PNC2021.