Japan's Sumitomo Mitsui Financial Group (SMFG) sold $1 billion of additional tier-1 (AT1) debt on Wednesday, becoming the first major global bank to sell the risky securities since similar bonds issued by Credit Suisse were wiped out last month.
A woman walks past a sign board of Sumitomo Mitsui Banking Corporation, part of Sumitomo Mitsui Financial Group Inc outside its branch in Tokyo, Japan, January 27, 2017. REUTERS/Toru Hanaisold $1 billion of additional tier-1 debt on Wednesday, becoming the first major global bank to sell the risky securities since similar bonds issued by Credit Suisse were wiped out last month.
The deal shows confidence in the banking sector of Asia's second-largest economy and that risk appetite is returning as the turmoil in financial markets sparked by the collapse of two U.S. regional lenders fades. AT1 bonds - the riskiest tranche of a bank's bonds also known as "contingent convertibles" or "CoCo" bonds - can be converted into equity or written off if a bank's capital level falls below a certain threshold.in March.
The resultant tumult cast doubts on whether SMFG would move ahead with its planned AT1 offer, and led to Japan's biggest bank, Mitsubishi UFJ Financial Group Inc
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