Are AT1s becoming more like US Prefs - h/t Creditsights

I can't remember exactly, but I think Creditsights made the comment recently somewhere that the AT1 market in Europe is becoming like the US Bank preference share market. I.e there is some uncertainty around calls on some bond issues, but in a way, market participants dont seem fussed since most are traded to maturity now. Of course there will be exceptions.

Also I see that Nationwide is issuing a new AT1 that is callable at anytime 6 months prior to first call date (2027). This helps the issuer refinance at a period that is most attractive, but creates a bit of uncertainty around when the precise call will be for investors, but still it focuses the issuers' mind on calling.