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It is early February 2016 when Larissa Knepper, a fixed income trader at Nomura, takes a call from a client asking her to bid on a €5 million piece of Rabobank additional tier-1 (AT1) paper.
It’s a jittery time. Deutsche Bank’s AT1s are down to the high 80s. But this is an important real money account – the kind of name any trader would like to be doing more with. Unlike many of her peers, Knepper has gone into February with a short AT1 position.
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