European bank subordinated debt – the risk is volatility, not fundamentals

09 April 2026 | Romain Miginiac

Middle East tensions, high-profile defaults in private credit, and broader macro uncertainty have fuelled investor concerns around the potential impact on the European banking sector.

The future of AT1s: “If it ain’t broke, don’t fix it”

05 January 2026 | Romain Miginiac

The European Central Bank’s latest recommendations have rekindled debate over Additional Tier 1 (AT1) bonds. While authorities may question AT1s’ effectiveness in absorbing losses in times of market stress, legislative practicalities and the need to maintain AT1s’ market viability could limit the scope for change. With significant reforms unlikely, investors may instead focus on managing volatility, risk and opportunity in an environment of historically tight spreads in AT1 Contingent Convertible Bonds.

Why Europe is back on the radar for global investors

10 November 2025 | Gregoire Mivelaz

As rate cycles diverge, Atlanticomnium Fund Manager Grégoire Mivelaz sees Europe’s policy stability, alongside the strength of its banks, drawing renewed investor interest.

Navigating credit markets with a sailor’s mindset

09 September 2025 | Gregoire Mivelaz

As investors increasingly seek to diversify away from the US, demand for European credit is surging. Grégoire Mivelaz, Fund Manager at Atlanticomnium, who co-manages GAM’s Credit Opportunities strategies, emphasises the importance of active management, deep experience and disciplined positioning in subordinated debt investing.