AT1 CoCos of strong European banks offer an attractive pick-up and a good risk-reward because intense regulation over the past years meaningfully de-risked European banks, which now hold more and better capital and are ultimately better equipped to handle an eventual crisis. We see the main risks to CoCo investors, loss absorption and coupon deferability, as remote given higher capital and excess liquidity will remain as the top priorities at European Banks.
Press & Articles

Monthly Commentary – April 2025 EUR
April was a very volatile month following President Trump’s ‘Liberation Day’ tariff announcements. Global equity markets, government bonds and foreign ...

Monthly Commentary – April 2025 USD
April was a very volatile month following President Trump’s ‘Liberation Day’ tariff announcements. Global equity markets, government bonds and foreign ...