The EBA's laudable effort to tame Additional Tier 1 issuances

This week, the EBA issued its preliminary report on the monitoring of Additional Tier 1 (AT1) instruments of EU.

It is a great document for outsiders to obtain a feel for what these instruments are like and how they behave in their regulated habitat. For example, an important critique pertains to the complexity of these instruments. But the EBA cuts this…