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bonds also sold off sharply Thursday. AT1s are higher-yield bonds that a bank can convert into shares if its financial health falls below a certain level.
Investors have been dumping the bonds — which are also known as contingent convertibles — after the Swiss regulator marked the value of Credit Suisse's AT1s down from 16 billion francs to zero when it collapsed. Yields on Deutsche Bank CoCos, which rise when prices fall, have tripled to around 27% over the past two weeks, according to data from Refinitiv.
"After the events of the last few weeks investors are clearly jittery, particularly when it comes to the banking sector," Morningstar equity analyst Michael Field told Insider. "Deutsche has been through a long restructuring period, selling off toxic assets along the way, but there is still some investor scepticism around the quality of the bank," he added, referring to a
the bank started in 2019."When banking shares are being beaten up, as they are today, Deutsche will likely take it worse than peers."
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