TOKYO -- In the week since UBS's emergency rescue of Credit Suisse thrust AT1 bonds into the spotlight, yields on this type of debt issued by Japanese banks have remained steady despite credit fears that are pushing up rates in Europe.
Globally, the yield on AT1s, issued by banks to build up capital cushions, touched 10.2% on March 20 after hovering in the 7% to 8% range until the start of the month, according to the benchmark ICE BofA Contingent Capital Index.
