AT-1 Capital for Regional banks
Innovative Solutions for Issuers
and Investors

Welcome to ACM
Alpstein Capital Management


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Fund structure enables optimal liquidity management

April 2024

Classical AT-1 instruments, despite being listed on the stock exchange, typically exhibit low liquidity on the secondary market and are mostly held as buy-and-hold investments. During turbulent market phases, even this already limited liquidity can evaporate, leading to significant price fluctuations. Investors cannot be fully protected from the credit risks of bank AT-1 instruments nor isolated from liquidity risks in market stress scenarios. What ACM’s fund structure is offering, however, is not only a deeply diversified credit risk proposition of German regional banks but also a sensible approach to liquidity provisions in case of redemption requests.

You can find more details here.

FMA grants distribution license

9 May 2023

As per circular dated 9 May 2023 the FMA financial supervisory body in Liechtenstein granted ACM SICAV a distribution license for its AT-1 Regional Banks Germany Fund. CAIAC Fund management AG and ZEUS Anstalt für Vermögensverwaltung act as fund administrator and manager, Liechtensteinische Landesbank AG as depositary bank, and Grant Thornton AG as auditor. By initiation of fund promotor ACM Alpstein Capital Management AG, the AT-1 Regional Banks Germany Fund has become the first fund of its kind in Europe that focusses on AT-1 issues of German regional banks (Sparkassen and Cooperative Volksbanken). Investors are for the first time being given structural access to this asset class.

Online Seminar on the topic of AT-1 Capital for Reginal Banks

19 April 2023

On 19 April 2023 an online seminar was held in conjunction with FCH Group, to present a backdrop to market and instruments, as well as models on how to proceed.

AT-1 Capital – The Credit Suisse case and its fallout

21 March 2023

A total write-down of Credit Suisse’s outstanding AT-1 notional on the occasion of the emergency merger with UBS had a detrimental impact on secondary markets in AT-1 instruments and caused for bond prices to be tumble. On closer look, it was revealed that Swiss regulator FINMA’s decision was based on a particular clause in trigger- and write-down documentation language applicable to Swiss issuers, conditions that generally do not apply to financial institutions within the EU. It demonstrates that AT-1 funding instruments of Sparkassen and Volksbanken are a valid alternative and a means to diversify away from larger commercial banks.

You can find more details here.

SVB – the current banking crisis and its impact on German Sparkassen and Volksbanken

20 March 2023

The collapse of SVB Silicon Valley Bank sent tremors through the financial world and raised memories of the Global Financial Crisis in 2008. Investment- and balance sheet losses, deposit flight, and funding volatility have been scrutinized again. Our analysis, however, points to a robust business model of the Sparkassen and Volksbanken sector that is capable of weathering even the dislocations of a rapid change in the interest rate cycle.

You can find more details here

Online Seminar on AT-1 Capital for Regional Banks

12 October 2022

On 12 October an online seminar was held in conjunction with FCH Group and over 70 representatives of banks and related associations, to discuss the backdrop of the asset class and how to proceed going forward.

BAFIN raises equity capital requirements

12 January 2022

BAFIN announced to re-introduce the anti-cyclical capital buffer of 0.75% from 2022. In addition to that, a sectoral systemic risk buffer for construction-related and mortgage financings will be inaugurated. On average, this will account for 2% of RWAs on secured residential property loans. As per ACM’s calculation, Sparkassen’s and Volksbanken’s additional charge on such exposure amounts to more than 1% of total RWA’s. We estimate that the demand for AT-1 capital will be on the rise.

Launch investor discussions regarding capital commitment.

10 January 2022

The introduction of the new asset class has been met with brisk investor interest, and initial soft commitments have been made. Upon closure of the seed investor class limited to EUR 100 million the fund will commence with purchases of newly issued instruments. Subscriptions will be allocated sequentially in line with capital commitments.

Comprehensive assessment of legal foundation

6 September 2021

Several legal questions have been raised during consultations with potential issuers, which are being examined. According to the appraisal by our legal advisor gk-law Dr. Gündel, there are no obstacles to account the funding instruments as AT-1 capital.

Launch initial consultations with potential issuers

19 May 2021

ACM Alpstein Capital Management AG has launched consultations with potential issuers. In a first round, the proposal was made to approx. 30 German Volks- and Raiffeisenbanken. Reception and feedback were promising, and bank internal discussions have commenced. Indicative issuing volumes are beyond expectations.

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ACM Alpstein Capital Management acts as a platform and brings together German regional banks who are interested in strengthening their capital base on one end, and professional investors who are looking for access to this asset class on the other.

In this process we advise regional banks when issuing AT-1 instruments and, as fund promotor, liaise with the appropriate vehicle for product placement. We are collaborating with selected partners in legal services, balance sheet analysis, and fund management.

The founders and the managing partners are experienced professionals in the financial services industry and possess extensive expertise in running banking operations and asset management.

Dr. Christof Grabher
Dr. Christof Grabher
Managing Partner
  • Studies in Business Administration, lic.oec.HSG (1982),
    University of St. Gallen
  • Law Degree, Dr. jur. (1984),
    University of Innsbruck

Professional Experience:
Extensive expertise in private, retail, and commercial banking, treasury und asset management, covering/ leading more than 200 projects with a particular focus on strategy and transformation, M&A, and restructuring.

  • Creditanstalt Bankverein,
    Vienna – Associate Strategic Planning
  • MZSG AG,
    St. Gallen – Group Head Financial Services Practice
  • Fokus Management Consulting AG,
    St. Gallen – Partner Banking Consulting
  • CONFIDUM Financial Management Consulting AG,
    St. Margrethen – Managing Director Banking Consulting
Dr. Urlich Kallausch
Dr. Ulrich Kallausch
Managing Partner
  • Law Degree, Dr. jur. (1986)
    University of Graz

Extensive expertise in asset & private wealth management, corporate finance, equity capital markets, treasury, research, operations and IT, risk management, legal, compliance, audit in various leadership positions.

  • Creditanstalt Bankverein,
    Vienna – Institutional Sales, Asset Management
  • Security KAG,
    Graz – Head of Equity Asset Management
  • Invesco Bank,
    Vienna – Co-Head Institutional Asset Management
  • Capital Invest,
    Vienna – Head International Institutional Investors
  • Sal. Oppenheim Jr & Cie.
    Vienna – Deputy CEO, Partner
  • Deutsche Bank,
    Vienna – Deputy CEO, COO, CRO
  • Semper Constantia Privatbank,
    Vienna – Co-Owner, Deputy CEO, COO, CRO, CIO
  • CONFIDUM Financial Management Consulting AG,
    St. Margrethen – Managing Director Mergers & Acquisitions
Mag. Roland Hinterkörner
Mag. Roland Hinterkörner
Managing Partner
  • Studies in Business Administration, Mag.rer.soc.oec (1987),
    Johannes Kepler University Linz
  • Graduate Program in International Relations and Affairs, Master of Arts (1989),
    Maxwell School of Citizenship and Public Affairs, Syracuse
  • University New York, Executive Leadership Course Modules (2009/2011),
    London Business School

Extensive expertise in cross-border corporate- und M&A-financings, capital markets, fixed income derivatives, corporate advisory und asset management – various leadership positions in international banks.

  • Deutsche Bank,
    Frankfurt – Trainee Corporate Finance
  • Deutsche Bank,
    Tokyo – Institutional Equity Sales, Structured Private Placements, International Syndicate Manager
  • UBS,
    London – Debt Capital Market Origination and Fixed Income Derivative Sales
  • BNP Paribas,
    London – Head Debt Capital Market Origination DACH
  • Royal Bank of Scotland, Managing Director
  • London – Head Corporate Credit Market Origination Europe
  • Hong Kong – Co-Head Credit Market Origination Asia Pacific, Head Corporate Advisory Asia Pacific
  • Expertise Asia,
    Hong Kong – Consulting work on financial and portfolio strategies for corporates and family offices
  • Orfi Capital,
    Hong Kong – Partner and Portfolio Manager Asian High Yield, Advisor on geoeconomic and –political issues
Mag. Stefan Obermayr
Mag. Stefan Obermayr
Managing Partner
  • Studies in Business Administration, Mag.rer.soc.oec (2012)
    University of Linz

Extensive expertise in banking with a concentration in strategy und transformation management, M&A, restructuring, und distribution-/results-optimization.

  • Apprenticeships at Hypo Oberösterreich, Raiffeisenlandesbank Oberösterrreich, A.T. Kearney
  • KPMG Austria,
    Linz – Audit
  • CONFIDUM Financial Management Consultants GmbH,
    Linz – Manager


Our cooperation partners are highly professional and efficient and enable ACM Alpstein to offer our services to issuers and investors on the most competitive basis.

Confidum GK law Caiac Liechtensteinische Landesbank Dr Hengster Loesch Wiener Privatbank



“For various reasons the AT-1 market has not been accessible to regionally operating banks, due to substantial expenses with regards to smaller issuing sizes as compared to outstanding benchmark-sized bonds in the public markets, lack of ratings, difficult price finding, as well as limited liquidity provisions in secondary markets. ACM Alpstein’s innovative concept is overcoming these obstacles.”

Dr. Christof Grabher / Managing Partner

Regional banks:
The large European commercial banks have been issuing AT-1 instruments in public credit markets for years. Strengthening the capital base this way has allowed them to expand their balance sheets business. Even though the capital concept for banks among the smaller LSI institutions is comparable, their access to the AT-1 market has been denied due to smaller issuing volumes, disproportionate expenses, lack of placement and secondary market liquidity.

From an investor's perspective, this market is very attractive because the issuing banks follow conservative business models, possess attractive market shares, and generally belong to financially strong and effective joint liability schemes. To close this gap, ACM Alpstein Capital Management, together with professional partners, has developed a concept to establish a market for regional banks as issuers and for professional institutions as investors for the AT-1 issuance asset class.

The focus here is not on a single issuance but on the bundling of a variety of issuers in an investment fund. This allows the application of emission standards, coupled with attractive diversification effects. Through the complete takeover by an intermediary, a standardized and cost-effective issuance and placement of the instruments, along with a transparent design of the coupon, is made possible.

Hybrid capital has proven to be an attractive financing option for banks across the past decade, as the AT-1 capital market instrument has equally become a sought-after asset class and a significant part in investors’ portfolio strategies. At premiums of 300-600bp to government bond yields, returns are attractive, and new issues are often many times oversubscribed.

The supply of new issuance volume from major banks will be severely limited in the coming years, as most issuers have exhausted their AT-1 potential. Issuance activity will focus on replacing redeemed issuances. Since investors in this asset class mainly pursue "buy and hold" strategies, the secondary market is very tight, and investors face noticeable bid spreads.

Hence, AT-1 issuances from regional banks represent an attractive asset class with new issuance potential. The AT-1 Regional Banks Germany Fund overcomes the drawbacks of individual investments, offering diversification, coupon pricing, ongoing evaluation, and liquidity.



“Regional banks have adopted robust and conservative business models and are mostly organized around liability schemes based on a strong capital base. Against this background, they constitute a valid alternative to the so-called CoCo-instruments issued by large commercial banks. The AT-1 Regional Banks Germany Fund provides exposure to the asset class and efficient access to investors.“

Dr. Ulrich Kallausch / Managing Partner


ACM Alpstein Capital Management offers comprehensive capital structuring- and optimization advice, legal support, pricing assistance, and placement services. Please contact us for any preliminary consultations.


The AT-1 Regional Banks Germany Investment Fund is an AIF under Liechtenstein law and acts as a vehicle to cluster AT-1 instruments of regional banks. CAIAC Fund Management AG acts as the fund manager, Liechtensteinische Landesbank as the depositary bank.



The following information regarding financial products represents a supplement to the legally binding information for the products presented. By accessing the following websites, you declare that you have read, understood and accepted the following information. If you do not agree with the information, please refrain from accessing the affected websites.

Legal Restrictions
The published information about the financial products presented is intended for professional investors domiciled in Switzerland and Liechtenstein or regional banks in Germany, Austria and Switzerland as issuers. They are expressly not aimed at persons or institutions who reside in a country or have their headquarters in a country where the approval or distribution of such financial products is prohibited or restricted. If units of an investment fund and/or structured products are distributed abroad, relevant information in the (simplified) prospectus or on the fund company's website must be observed.

The products presented are not accessible to individuals and legal entities domiciled in the USA. Access to the information on this website is prohibited.

The information about the fund domicile, representative, paying agent and the locations where the relevant documents (prospectus, simplified prospectus, articles of association, fund contract, annual and semi-annual report) for the investment funds in question can be obtained are to be found in the respective fact sheet, simplified prospectus or sales prospectus respective investment fund.

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The information and explanations about financial products published on the website are for informational purposes only and do not constitute an offer or a request to buy or sell, either in Switzerland or abroad. They also do not constitute the conduct of transactions, the completion of legal transactions, nor should they be understood as investment advice or recommendations to investors. Likewise, they do not represent any decision-making tools for legal, tax or other advisory issues. Nor should any investment decisions be made based on this information. In general, investments should only be made after carefully reading the current versions of the legal prospectus and/or fund contract, short prospectus (simplified prospectus), annual and semi-annual reports and, if necessary, on the basis of advice from a specialist. You can look up the documents mentioned online from the fund company or request them from the office(s) specified in the (simplified) prospectus.

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The website serves to provide information about our company, products and services. ACM Alpstein Capital Management AG has taken all reasonable care when developing this website. However, no representation or warranty - neither explicit nor implicit - is made for the accuracy, reliability, completeness or correctness of the information presented or functions offered. All information on the website is subject to change at any time without notice. ACM Alpstein Capital Management AG also reserves the right to discontinue the publication of this website.

ACM Alpstein Capital Management AG expressly excludes and refuses any liability, to the extent permitted by law, for damages or consequential damages of any kind that may arise from or in connection with access to, use of this website or other websites linked to it.

Risk and Performance Disclaimer
Financial products are not risk-free investments. There are risks associated with such an investment, particularly those associated with fluctuations in value and returns. Investors bear the risk of default by the issuer.

Investments in foreign currencies are also subject to exchange rate fluctuations. The greater the desired return, the higher the risk of loss (it depends, among other things, on the fund strategy and composition). The risks are set out in detail in the sales prospectus and simplified sales prospectus.

A positive return in the past does not represent a guarantee of a positive return in the future. In particular, the performance data listed on the website represent historical values. Future performance developments cannot be derived from this.

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