U.S. stocks continue to rise, AT1 bond subscriptions are hot🤝
Markets had a relatively calm day, with U.S. stocks notching their eighth consecutive day of gains thanks to a strong rebound at the close. In the U.S. Treasury sector, the 10-year yield fell to its lowest level since September due to good auctions. Other macros Assets have also strengthened in tandem with the ongoing risk appetite trend. Remember the AT1 bonds that got Credit Suisse into trouble in season one? At that time, the market thought that interest in buying the bond would be suspended for a long time, but it turned out that the market was forgetful after all. UBS's 2-year AT1 issuance received 10 times oversubscription interest, and the US$3.5 billion scale attracted US$36 billion. The AT1 index has also recovered most of its losses in March, although investor concerns over disputes over trigger clauses that surfaced during Credit Suisse's bankruptcy remain and the index has yet to recover to pre-March levels.
