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TLAC Bonds: What you should know

Beyond Markets

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Senior Tier-Like Non-Call - Is There a Long History?

There has been some cases but only a few so far. Goldman Sachs had two senior tier-like bonds where they did not call back in the past purely for economics reasons. Both interest rates and credit spreads are now much higher than they have been in the last few years. So I think it is fair to expect increasing instances of non-call for seniortier-like instruments.

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