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Credit Suisse failure unlikely to spook AT-1 bond investors in India

PNB likely to issue AT-1 bonds worth Rs 2,000 cr this week; yields not seen surging

Bhaskar Dutta Mumbai

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Photo: Bloomberg

5 min read Last Updated : Mar 22 2023 | 12:05 AM IST

The write-down of $17 billion worth of contingent convertible bonds of Credit Suisse has brought to the fore risks surrounding Indian additional tier-1 (AT-1) bonds, which are instruments of a similar nature.

Analysts said following regulatory changes taken after the YES Bank fiasco in 2020, the domestic landscape for AT-1 bonds has significantly improved. As such, the latest episode surrounding Credit Suisse is unlikely to have a substantial impact on domestic AT-1 bond issuances by banks.

In the first such bond sale following the Credit Suisse episode, state-owned lender Punjab National Bank is set to issue AT-1 bonds worth Rs 2,000 crore on Friday, sources said.