Riskiest Bank Bonds Lose in March in Europe as Market Swells
This article is for subscribers only.
Investors in the riskiest bank debt in Europe were stung by losses in March as the fledgling market more than doubled in size.
The bonds forfeited 0.2 percent last month, the first period of negative returns since Bank of America Merrill Lynch starting tracking contingent capital securities on Dec. 31, as notes from Societe Generale SA and Credit Agricole SA lost more than 1 percent. European lenders issued the equivalent of $16.5 billion of securities that comply with new regulations governing capital requirements, making March the busiest month since the first bond was issued last April.