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Japan's SMFG to issue $1bn in AT1 bonds

Financial group first to test investor appetite since Credit Suisse rescue

Sumitomo Mitsui Financial Group is set to issue AT1 bonds worth 140 billion yen ($1 billion).

TOKYO -- Japan's Sumitomo Mitsui Financial Group is set to issue Additional Tier 1 (AT1) bonds worth 140 billion yen ($1 billion), Nikkei has learned, becoming the first major bank in the world to wade into a segment of the capital markets shaken by the turmoil surrounding Credit Suisse.

AT1 bonds, a type of subordinate debt, are issued by banks to beef up their capital without selling new shares that would dilute existing investors.

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