AT1 Hot Streak Fades as Investors Switch to Less Risky Bank Debt [BNN Bloomberg (Canada)]
Aegon Ltd. New York Registry Shares (AEG)
US:NYSE Investor Relations:
aegon.com/investors
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Source: BNN Bloomberg
Money managers at Aegon Asset Management and Robeco Institutional Asset Management have been switching from AT1 bonds to Tier 2 debt, which is more senior in the capital stack. Tier 2 debt doesn't hold the same risks as AT1 bonds, which were introduced after the financial crisis to ensure bondholders take losses first when a bank is in trouble. Traditionally, the extra risk would translate to a big step-up in yield for AT1s, but that's no longer the case. “I have been rotating some AT1s into T2s at flat or nearly flat yields,” said Alexander Pelteshki, portfolio manager at Aegon Asset Management. “Prudent risk management calls for a rotation into T2s for a much better risk-adjusted return profile from here.” An index of European AT1 bonds — also known as contingent convertibles — is now offering a yield pickup of less than 3 percentage points over Tier 2 debt, based on data compiled by Bloomberg. That's despite the securities having features like skippable coupons, indefinite fin
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