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At a fund house level, more than 10 per cent of assets can be invested in perpetual bonds of a single issuer

Fund managers lap up AT1 bonds
 
Yields on the additional tier-1 (AT1) bonds of several banks spiked last week following Sebi’s proposal to cap MF investments. Industry players said some debt fund managers used this as a buying opportunity. “The AT1 yield spike provided a good buying opportunity for fund houses and schemes that are currently under-invested in perpetual bonds,” said a fund manager. From April 1, an MF scheme can invest only up to 10 per cent of its corpus in perpetual bonds and up to 5 per cent in bonds of single issuer. At a fund house