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23

Riskiest Bank Debt May Face First Test at German Shipping Lender

By Tony Seruga

Bremer losses may endanger payments on additional Tier 1 notes
No bank has missed AT1 coupons in bonds’ three-year history

The bond market created by regulators to avoid panic and state bailouts when lenders get into trouble has come roaring back. It may soon become clear whether that confidence will last.

The first test of the riskiest type of bank debt may may come this month as Bremer Landesbank is likely to disclose losses that could force it to skip coupon payments on additional Tier 1 notes, according to two bondholders, Berlin Portfolio Management GmbH and Degussa Bank GmbH. No bank has missed the optional payments on these bonds since their introduction three years ago, and the market reaction will show whether AT1s are steadying capital buffers for weak lenders or a minefield of unappreciated risks for holders…

Riskiest Bank Debt May Face First Test at German Shipping Lender

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