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AT1 Bonds

AT1 bonds (Additional Tier 1 bonds) are perpetual bonds issued by banks. AT1 bonds have no maturity date (they pay interest perpetually) and are unsecured. AT1 is also the lowest tier of debt ranking far below senior secured and junior debt. These bonds were in the news in 2021 when Yes Bank wrote off all their AT1 bonds citing financial stress.

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Showing list of 51 bonds

Bond name

Rating

Coupon Rate

Payment Freq

Maturity Date

INDIA
WITHDRAWN
9.50%Annually31 Dec 99
CRISIL
AA+
8.44%Annually31 Dec 99
INDIA
AA+
8.50%Annually31 Dec 99
CRISIL
AA
9.04%Annually31 Dec 99
CRISIL
AA+
8.44%Annually31 Dec 99
INDIA
AA+
8.40%Annually31 Dec 99
INDIA
AA+
8.24%Annually31 Dec 99
ICRA
BB
10.50%Annually31 Dec 99
INDIA
AA+
8.07%Annually31 Dec 99
CRISIL
AA+
9.90%Annually31 Dec 99
Unrated
10.25%Annually25 Apr 32
INDIA
AA+
8.30%Annually31 Dec 99
INDIA
AA+
7.84%Annually31 Dec 99
INDIA
AA+
8.99%Annually31 Dec 99
CRISIL
AA+
9.37%Annually31 Dec 99
INDIA
AA+
8.50%Annually31 Dec 99
INDIA
AA+
7.72%Annually31 Dec 99
INDIA
AA+
8.15%Annually31 Dec 99
INDIA
AA+
7.74%Annually31 Dec 99
INDIA
AA+
8.25%Annually31 Dec 99
1-20 out of 51

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Still got questions? We’re here to help.

AT1 Bonds, or Additional Tier 1 bonds, are used by banks to increase their financial strength. They don't have a fixed end date, making them different from regular bonds. AT1 is a type of perpetual bond, allowing banks to bolster their capital continuously. Banks use these bonds to comply with regulations established by organizations like the Reserve Bank of India (RBI)

AT1 bonds are typically targeted at High Net Worth Individuals (HNIs) and institutional investors due to their high-risk nature and significant investment requirements.
Banks use AT1 bonds to secure a stable capital source while maintaining flexibility in managing their capital structure.
AT1 bonds are considered high-risk instruments for investors, especially retail investors. They can be written down by banks, as directed by regulatory authorities, in case of institutional failure. In the event of non-viability, AT1 bonds are the first to be written down, leading to potential losses for investors. As seen in the cases of Yes Bank and Credit Suisse, these bonds can be written down by banks, following regulatory directives, in case of institutional failure. During the Yes Bank crisis in 2020, AT1 bonds worth Rs 8,414 crore were fully written off. Similarly, in the case of Credit Suisse, AT1 bondholders faced significant losses as the bank decided to suspend the coupon payments on these bonds.
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Invest in safer portfolio without compromising returns.

Dezerv Debt PMS strategy designed by our investment experts

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