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Dollar AT1 bonds of European banks have continued their record rally this year, a move that began after the drop in these bonds following Credit Suisse’s collapse in 2023. The Bloomberg European USD AT1 Total Return Bond Index shows a rally of over 57% since then. In 2025 alone, the index has seen a total return of 9.4%. Bloomberg notes that AT1 buyers have benefitted from a rosy outlook for the region’s banks, where profits have jumped this year thanks to stronger fee, trading income and robust capital buffers. Besides, it also noted that upgrades this year have outweighed downgrades by the biggest margin in about a decade, across both, S&P and Fitch.
In the regard, we have compiled a list of the top performing AT1 bonds in 2025 of European banks, sorted by their YTD Price Returns. The list has been compiled only for bonds that have seen price returns of greater than 5% since the beginning of this year.
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