Subordinated debt enjoyed an excellent year in 2017, AT1 (Additional Tier 1) bonds in particular. But what are the unique features of this sub-asset class and do AT1 bonds still offer value? M&G credit analyst Mark Robinson, who focuses on the banking sector, joins Wolfgang Bauer, Fund Manager of the M&G (Lux) Absolute Return Bond Fund, to explain the challenges that today’s tight spread levels potentially hold for investors.