The riskiest type of bank bonds appear to be back on the menu for investors, after a Japanese megabank reopened a segment of the bond market that was called into question following UBS Group AG’s emergency takeover of Credit Suisse Group AG.
Sumitomo Mitsui Financial Group Inc. raised 140 billion yen, equivalent to $1 billion, from the sale of Additional Tier 1 bonds on Wednesday. That made it the first major bank to sell AT1 securities since Swiss regulators said $17 billion of similar bonds issued by Credit Suisse would be written down to zero on March 19, according to data from Dealogic.
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