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Banks’ riskiest bonds advanced in Europe and Asia after panic subsided, and investors heeded regulators’ assurances that the wipeout in Credit Suisse Group AG’s Additional Tier 1 notes wouldn’t happen in their jurisdictions under similar circumstances.
Commerzbank AG, Deutsche Bank AG and Intesa Sanpaolo SpA led the gain in AT1s, following a recovery in Asia, where bonds including those from Westpac Banking Corp. were quoted higher. The notes have only recovered some of their losses. Credit risk across both regions also fell, with indexes tracking credit default swaps linked to high-yield and investment-grade bonds in Europe erasing most of their widening since Credit Suisse roiled global markets.