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Banks: The Big Picture

The Macro Trading Floor

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The Ramifications of Additional T1 Bonds in Europe

UBS and credit Swiss will be able to write off AT1 debt before equity. Barclays and Deutsche Bank of Europe would not have the same possibility in a similar situation. People investing in AT1s are apparently very, very surprised that they could get away with this even with what was written in investor material. This is the byproduct of negative interest rates in Europe between 2014 and 2021.

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