{"id":21294,"date":"2024-10-04T10:48:07","date_gmt":"2024-10-04T09:48:07","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=21294"},"modified":"2024-10-04T10:48:07","modified_gmt":"2024-10-04T09:48:07","slug":"at1-bonds-an-unprecedented-supply-surge","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/at1-bonds-an-unprecedented-supply-surge\/","title":{"rendered":"AT1 Bonds: An unprecedented supply surge"},"content":{"rendered":"

Chart of the Week<\/h2>\n

In September, the primary market for AT1\u00a0bonds saw an unprecedented supply surge, with issuers raising over \u20ac13\u00a0billion. Since AT1 bonds were introduced in 2014, the monthly issuance tally had never exceeded \u20ac10\u00a0billion.<\/p>\n

\"\"<\/p>\n

OUR <\/b>ANALYSIS<\/b><\/h3>\n

September\u2019s issuance accounts for around 6% of the AT1 market. The surge was sparked by issuers choosing to frontload the refinancing of securities with upcoming call dates. All bonds with call dates in 2024 have already been replaced, as have 28% of bonds with call dates in 2025.<\/p>\n

Secondary market prices for AT1s remained stable despite the floodgates opening on the primary market, illustrating the market’s capacity to absorb the flow of issuance thanks to strong investor appetite for the securities. Issuers were quick to tap into September\u2019s conducive market backdrop following the summer decline in rates and spreads, preferring not to take the risk of waiting until later.<\/p>\n

AT1 financing and refinancing needs are now very light in the foreseeable future and the market should be able to count on buoyant conditions in the months ahead.<\/p>\n

***<\/p>\n

Written on October 4 , 2024. This is not an investment advice. Opinions subject to change.<\/p>\n

See also: https:\/\/latribune.lazardfreresgestion.fr\/en\/which-factors-have-boosted-european-banking-profits\/<\/a><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

Chart of the Week In September, the primary market for AT1\u00a0bonds saw an unprecedented supply surge, with issuers raising over… <\/p>\n","protected":false},"author":101016,"featured_media":20642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2639,2669],"class_list":["post-21294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-at1-rebound","tag-spread-en"],"yoast_head":"\nAT1 Bonds: An unprecedented supply surge<\/title>\n<meta name=\"description\" content=\"In September, the primary market for AT1\u00a0bonds saw an unprecedented supply surge, with issuers raising over \u20ac13\u00a0billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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