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AT1 write-downs have taken place in several countries, including Spain, Greece, Austria and Denmark. PROSPECTUS WAS CLEAR Deutsche Bank analysts said in a note: "We think this is quite negative for AT1 and broader TLAC securities worldwide as it highlighted the inherent risks present in these instruments." John Likos, director at BondAdviser, a debt research house and asset manager, said Australian AT1s contain provisions that would make it very difficult for local regulators to engineer a Credit Suisse type situation where hybrids went to zero while equity holders recovered some value.