AT1
Additional Tier 1 instruments
Additional Tier 1 instruments are perpetual, deeply subordinated bonds that count as going-concern capital: they convert into equity or are written down automatically once a bank's Common Equity Tier 1 ratio falls through a contractual trigger, and coupons can be cancelled at any time at the issuer's discretion.
AT1 sits immediately behind ordinary shares. It is the first layer of debt to absorb losses, whether through its contractual trigger, through the write-down and conversion power at the point of non-viability, or in a bail-in. Full definition in the glossary.
Live instruments
422
Source: ESMA FIRDSUpdated 2026-07-25Issuers
53
Source: ESMA FIRDSUpdated 2026-07-25Notional (EUR lines)
EUR 88,469m
Source: ESMA FIRDSUpdated 2026-07-25EUR lines with notional
151of 422
Source: ESMA FIRDSUpdated 2026-07-25Notional is summed over EUR-denominated lines that report an amount. FIRDS carries no exchange rates, so amounts in other currencies are counted but never converted.
By issuer country
| Country | Instruments | Notional (EUR) |
|---|---|---|
| GBUnited Kingdom | 106 | EUR 8,077m |
| CHSwitzerland | 58 | EUR 1,000m |
| FRFrance | 55 | EUR 13,000m |
| ESSpain | 45 | EUR 21,608m |
| DEGermany | 38 | EUR 6,372m |
| ITItaly | 24 | EUR 13,424m |
| NLNetherlands | 24 | EUR 10,052m |
| SESweden | 15 | — |
| ATAustria | 14 | EUR 6,143m |
| FIFinland | 12 | — |
| NONorway | 9 | — |
| IEIreland | 8 | EUR 4,289m |
| DKDenmark | 6 | EUR 500m |
| BEBelgium | 3 | EUR 1,605m |
| GRGreece | 3 | EUR 1,600m |
| PTPortugal | 2 | EUR 800m |
Largest issuers
By number of live instruments. Issuance count is not issuance volume — a bank running a large medium-term note programme shows many small lines.
- UBS GroupCH52instruments
- BNP ParibasFR28instruments
- Standard CharteredGB25instruments
- HSBCGB24instruments
- BarclaysGB23instruments
- Société GénéraleFR18instruments
- Banco SantanderES16instruments
- Lloyds Banking GroupGB14instruments
- NatWest GroupGB14instruments
- BBVAES13instruments
- NordeaFI12instruments
- ING GroupNL12instruments
- LBBWDE10instruments
- DNBNO9instruments
- DZ BankDE9instruments
Most recently issued
Source: ESMA FIRDSUpdated 2026-07-25| First trade | ISIN | Instrument | Issuer | Seniority | Ccy | Coupon | Maturity |
|---|---|---|---|---|---|---|---|
| 2026-07-21 | US902613BX55 | UBSG 6.875 Perp '32 FRN | UBS Group | AT1 | USD | 6.875% | Perpetual |
| 2026-07-16 | XS2785548053 | RBIAV 7 3/8 PERP | Raiffeisen Bank International | AT1 | EUR | 7.375% | Perpetual |
| 2026-07-09 | XS2529511722 | LLOYDS 8 1/2 PERP | Lloyds Banking Group | AT1 | GBP | 8.5% | Perpetual |
| 2026-06-03 | USH42097FV46 | UBSG 6.875 Perp '32 FRN | UBS Group | AT1 | USD | 6.875% | Perpetual |
| 2026-05-29 | US853254DJ68 | STANLN 7.000 12/2033-49 (144a) CO-CO STANCHART | Standard Chartered | AT1 | USD | 7% | Perpetual |
| 2026-05-28 | US05971KAY55 | SAN 7.250 Perp '35 FRN | Banco Santander | AT1 | USD | 7.25% | Perpetual |
| 2026-05-28 | USG84228HJ04 | STAN 7.000 Perp '33 FRN | Standard Chartered | AT1 | USD | 7% | Perpetual |
| 2026-05-27 | DE000DZ42T13 | DZBK Float PERP BOND | DZ Bank | AT1 | EUR | Not disclosed | Perpetual |
| 2026-05-27 | XS3394864766 | NWG 7 1/2 PERP BOND | NatWest Group | AT1 | GBP | 7.5% | Perpetual |
| 2026-05-26 | XS3394042322 | SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) Issue of U.S.$600,000,000 Additional Tier 1 Convertible Notes | SEB | AT1 | USD | 6.75% | Perpetual |
| 2026-05-20 | XS3298830863 | BARC 8.000 Perp '32 FRN | Barclays | AT1 | AUD | 8% | Perpetual |
| 2026-05-19 | IT0005710469 | EMII 6.200 Perp '31 FRN | BPER Banca | AT1 | EUR | 6.2% | Perpetual |
| 2026-05-11 | US404280FR58 | HSBC HOLDINGS PLC $1,500,000,000 6.750% Perpetual Subordinated Contingent Convertible Securities (Callable During Any Optional Redemption Period) | HSBC | AT1 | USD | 6.75% | Perpetual |
| 2026-05-07 | FR0014018HA1 | SoGenerale 6% pp | Société Générale | AT1 | EUR | 6% | Perpetual |
| 2026-05-06 | XS3368833938 | UNICAJA BANCO, S.A. € 500,000,000 Perpetual Non-Cumulative Contingent Convertible Additional Tier 1 Preferred Securities | Unicaja Banco | AT1 | EUR | 5.95% | Perpetual |
| 2026-05-01 | US05946KAW18 | BBVA 7.125 Perp '33 FRN | BBVA | AT1 | USD | 7.125% | Perpetual |
| 2026-04-15 | USF1067PAK24 | BNPP 7.200 Perp FRN | BNP Paribas | AT1 | USD | 7.2% | Perpetual |
| 2026-04-14 | US05602XQS08 | BNPP 7.200 Perp FRN | BNP Paribas | AT1 | USD | 7.2% | Perpetual |
| 2026-04-14 | XS3322440945 | COÖPERATIEVE RABOBANK U.A. (RABOBANK) EUR 750,000,000 Perpetual Additional Tier 1 Contingent Temporary Write Down Capital Securities | Rabobank | AT1 | EUR | 5.5% | Perpetual |
| 2026-04-01 | XS3311322179 | SVENSKA HANDELSBANKEN AB (PUBL) SEK 1,400,000,000 Fixed-to-Floating Rate Additional Tier 1 Notes | Handelsbanken | AT1 | SEK | 5.3% | Perpetual |
| 2026-03-26 | XS3311322849 | SVENSKA HANDELSBANKEN AB (PUBL) SEK 4,600,000,000 Floating Rate Additional Tier 1 Notes | Handelsbanken | AT1 | SEK | Not disclosed | Perpetual |
| 2026-03-18 | US404280FH76 | HSBC HOLDINGS PLC $1,250,000,000 6.750% Perpetual Subordinated Contingent Convertible Securities (Callable During Any 2031 Optional Redemption Period) | HSBC | AT1 | USD | 6.75% | Perpetual |
| 2026-03-18 | US404280FJ33 | HSBC HOLDINGS PLC $1,250,000,000 7.000% Perpetual Subordinated Contingent Convertible Securities (Callable During Any 2036 Optional Redemption Period) | HSBC | AT1 | USD | 7% | Perpetual |
| 2026-03-18 | XS3317583022 | DANSKE BANK A/S USD 500,000,000 Perpetual Non-cumulative Resettable Additional Tier 1 Convertible Capital Notes | Danske Bank | AT1 | USD | 6.6% | Perpetual |
| 2026-02-10 | CH1522231294 | UBSG 7.125 Perp '32 FRN | UBS Group | AT1 | AUD | 7.125% | Perpetual |
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