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Pictet AM nears peak AT1 bonds allocation as banks recover from 2023 crisis
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investmentweek.co.ukThe $252bn asset manager slashed its AT1 bond exposure at the end of February last year, just weeks before the government-backed takeover of Credit Suisse by UBS led the Swiss regulator to wipe out $17bn worth of the struggling bank's AT1 bonds. This led to some market participants to deem the AT1 bonds market — which at the time held $260bn in assets — 'uninvestable', while other investors perceived the sell-off as a buying opportunity. Government-supported buyout wipes out $17bn in Credit Suisse bonds Pictet began adding AT1s back into its key long strategies in November, jumping...
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