Par for the corpse

摘要

"The report of my death was an exaggeration." So wrote Mark Twain, having read a newspaper article announcing his demise. The same can often be said of markets and asset classes: just when you think they're dead, they have a habit of staging a surprising revival. And no asset class has proved itself quite so resilient this year as Additional Tier 1, which has been condemned to the knacker's yard on numerous occasions.