Issuers get to work as new capital regime rolls out

Since BBVA opened the market for additional tier one (AT1) issuance last April, there has been a rising tide of issuance across a range of structures and currencies as Europe’s banks set about the challenge of raising the equivalent of 1.5% of their risk-weighted assets (RWAs) in AT1. A number of issuers and investors gathered at the 2014 Morgan Stanley Bank Capital Issuers Roundtable to share their thoughts on the evolution of this dynamic market.