{"id":8935,"date":"2024-12-16T06:50:26","date_gmt":"2024-12-16T06:50:26","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=8935"},"modified":"2026-02-26T12:22:40","modified_gmt":"2026-02-26T12:22:40","slug":"what-are-additional-tier-i-bonds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/","title":{"rendered":"What are Additional Tier I Bonds?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bonds indicate a debt obligation of the issuer, where the bondholders lend money for a preset maturity period. They receive regular interest payments throughout the maturity period and the principal investment amount on the maturity date. The <\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/at1-bonds-a-kind-of-contingent-convertible-bonds\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Additional Tier I Bonds<\/span><\/a><span style=\"font-weight: 400;\"> or AT1 Bonds are exceptions due to their perpetual nature.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read on as we elaborate on the Additional Tier I Bond definition, list their salient features, and identify the associated risk factors!<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Understanding_Additional_Tier_I_Bonds_AT1_Bonds\" >Understanding Additional Tier I Bonds (AT1 Bonds)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#_Key_Features_of_Additional_Tier_I_Bonds\" >\u00a0Key Features of Additional Tier I Bonds<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Interest_Rate\" >Interest Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Liquidity\" >Liquidity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Call_Option\" >Call Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Contingent_Convertibility\" >Contingent Convertibility<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Risk_Factors\" >Risk Factors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Risk_of_Interest_Payment\" >Risk of Interest Payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Subordinate_Debt_Treatment\" >Subordinate Debt Treatment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Risk_of_Write-Off\" >Risk of Write-Off<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#Wrapping_Up\" >Wrapping Up!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#FAQs_About_What_are_Additional_Tier_I_Bonds\" >FAQs About What are Additional Tier I Bonds?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#1_Who_can_invest_in_Additional_Tier_I_Bonds\" >1. Who can invest in Additional Tier I Bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#2_What_is_the_interest_rate_of_AT1_Bonds\" >2. What is the interest rate of AT1 Bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/#3_Are_AT1_Bond_investments_safe\" >3. Are AT1 Bond investments safe?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_Additional_Tier_I_Bonds_AT1_Bonds\"><\/span><strong>Understanding Additional Tier I Bonds (AT1 Bonds)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In theory, the AT1 Bonds have no maturity period. The principal amount stays invested, and bondholders continue to earn interest till infinity, fetching them the tag of perpetual bonds. These bonds, issued by banks, are typically aimed at meeting capital adequacy requirements (CAR).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following the financial crisis of 2007-09, BASEL III, the international regulatory framework for banks, mandated the banks to expand their core equity base and maintain a specified capital to act as a contingency fund. Note that the minimum capital ratio should be 11.5% of the bank\u2019s risk-weighted loans, and 9.5% of this must be formed with Tier 1 capital. Banks issue additional Tier I bonds as per the CAR in accordance with RBI&#8217;s instructions to comply with regulatory directives.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"_Key_Features_of_Additional_Tier_I_Bonds\"><\/span><span style=\"font-weight: 400;\">\u00a0<strong>Key Features of Additional Tier I Bonds<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The absence of any specific maturity period defines these perpetual debt instruments. Below are some more pivotal characteristics to explain the bonds further.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Interest_Rate\"><\/span><strong>Interest Rate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These Additional Tier I Bonds are known to generate interest at higher rates than other types of bonds.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Liquidity\"><\/span><strong>Liquidity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The AT1 Bonds do not have any put option, restricting the bondholders from selling them back to the banks. That said, they are listed on stock exchanges, hence, investors can enjoy liquidity to some extent.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Call_Option\"><\/span><strong>Call Option<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The concept of no particular maturity period stands, but the issuing bank can exercise the call option before the maturity date. The call option becomes available after 5 or 10 years from the date of the bond issuance.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Contingent_Convertibility\"><\/span><strong>Contingent Convertibility<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">AT1 Bonds are often referred to as <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/at1-bonds-a-kind-of-contingent-convertible-bonds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Contingent Convertible Bonds<\/a> because they can be converted into equity at any time if a financial crisis arises. It is a way to reduce the bank\u2019s debt obligation while keeping the capital intact.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risk_Factors\"><\/span><strong>Risk Factors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In the investment market, high risk often shadows high interest rates. Exceptions exist, but for Additional Tier I Bonds, several risk factors remain!<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Risk_of_Interest_Payment\"><\/span><strong>Risk of Interest Payment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The risk of interest payment default can undermine the benefit of high interest rates. Banks can decide to shelve the interest payment in case of a loss or any other crisis.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Subordinate_Debt_Treatment\"><\/span><strong>Subordinate Debt Treatment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">AT1 Bonds are subordinate bonds in nature, ranking lower than other debt obligations when prioritising payment order in case the bank fails.<\/span><\/p>\n<p><b>Note:<\/b><span style=\"font-weight: 400;\"> Bondholders are prioritised over <a href=\"https:\/\/en.wikipedia.org\/wiki\/Shareholder\" target=\"_blank\" rel=\"noopener noreferrer\">shareholders<\/a> when a bank collapses. However, the Credit Suisse incident, which became an international headline, showed shareholders receiving hefty amounts, with the bondholders basically getting nothing.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Risk_of_Write-Off\"><\/span><strong>Risk of Write-Off<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Additional Tier I Bonds can be completely written off, leaving the bondholders at a complete loss. A recent example is the Yes Bank write-off of 2020. RBI wrote off Yes Bank\u2019s AT1 Bonds worth INR 8,415 crore.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wrapping_Up\"><\/span><strong>Wrapping Up!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The high interest rates are the prime attraction of Additional Tier I Bonds. The possibility of interest payment default and write-off levy considerable risk on the investment. National and international instances added to the concern, but the Indian banks are making efforts to further explore the AT1 Bond market and bring lucrative opportunities for investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn more about Additional Tier I Bonds and get better access to streamlined bond investments with <\/span><a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">GoldenPi<\/span><\/a><span style=\"font-weight: 400;\">!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_About_What_are_Additional_Tier_I_Bonds\"><\/span><strong>FAQs About What are Additional Tier I Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Who_can_invest_in_Additional_Tier_I_Bonds\"><\/span><strong>1. Who can invest in Additional Tier I Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While these <a href=\"https:\/\/goldenpi.com\/investment-options\/list-view\" target=\"_blank\" rel=\"noopener noreferrer\">bonds<\/a> are open to the public, they are best suited for high-net-worth individuals and institutional investors due to their unsecured, high-risk character.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_is_the_interest_rate_of_AT1_Bonds\"><\/span><strong>2. What is the interest rate of AT1 Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The AT1 Bonds offer higher rates of interest than other bonds. It differs from bank to bank. For instance, SBI has issued AT1 Bonds with a rate of 8.1%, whereas the National Bank offered 8.59%.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Are_AT1_Bond_investments_safe\"><\/span><strong>3. Are AT1 Bond investments safe?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">AT1 Bonds carry high risk. There are risks of interest payment default, untimely calls, write-offs, and so on. Investors must have a high-risk appetite.<\/span><\/p>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"1.Who can invest in Additional Tier I Bonds?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"While these bonds are open to the public, they are best suited for high-net-worth individuals and institutional investors due to their unsecured, high-risk character.\"}},{\"@type\":\"Question\",\"name\":\"2.What is the interest rate of AT1 Bonds?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The AT1 Bonds offer higher rates of interest than other bonds. It differs from bank to bank. 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They receive regular interest&hellip;<\/p>\n","protected":false},"author":8,"featured_media":12251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[246],"tags":[264],"class_list":["post-8935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-govt-securities","tag-additional-tier-i-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are Additional Tier I Bonds?<\/title>\n<meta name=\"description\" content=\"Understand how Additional Tier I Bonds work, their features, and risk factors to assess their suitability for different investment portfolios.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are Additional Tier I Bonds?\" \/>\n<meta property=\"og:description\" content=\"Understand how Additional Tier I Bonds work, their features, and risk factors to assess their suitability for different investment portfolios.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-are-additional-tier-i-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-16T06:50:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-26T12:22:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/12\/26122234\/What-Are-Additional-Tier-I-Bonds.png\" \/>\n\t<meta property=\"og:image:width\" content=\"731\" \/>\n\t<meta property=\"og:image:height\" content=\"347\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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