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ING, Credit Agricole Issue U.S. Dollar AT1 Bonds

Provided by Dow Jones Sep 2, 2025, 1:36:00 PM

Miriam Mukuru

European banks ING and Credit Agricole marketed new Additional Tier 1, or AT1, bonds on Tuesday, LSEG data show.

ING issued a 7.2-year U.S. dollar AT1 bond with an initial price talk in the 7.375% area.

Fair value on this bond looks close to around 6.5%, CreditSights analysts said in a note.

Credit Agricole issued a 10-year U.S. dollar AT 1 bond. The initial price talk was in the 7.625% area, revised to around 7.5%.

"We see fair value for [Tuesday's] deal at just inside 7%," CreditSights said.

AT1 bonds are a risky form of debt issued by banks to meet regulatory capital requirements.

Write to Miriam Mukuru at miriam.mukuru@wsj.com

(END) Dow Jones Newswires

September 02, 2025 09:36 ET (13:36 GMT)

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