AT1 Monthly Market Movers

01 July 2025

Highlighting Significant Market Movers

In this note, we attempt to highlight some of the more significant movements in the Alternative Tier 1 Capital Contingent Bond market over the past month. We base our analysis on a universe of the more liquid AT1 instruments, for which we consider those with a principal amount of at least US$ 400mn or equivalent.

In the first table, we highlight the largest bond price moves, increases or decreases, in percentage terms over the month. Where applicable we include the change in the issuers' ordinary shares for comparison over the same period.

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