Bond Sales: PNB, IOB & DCB Bank may face higher funding costs
AT-1 bonds are quasi-equity instruments with no fixed redemption timelines, although the bonds are usually called by issuers after about five years, giving an exit option to investors. In India, too, the Reserve Bank of India (RBI) wrote down Yes Bank's outstanding AT-1 bonds during a bailout of the distressed lender three years ago.
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