Credit Suisse CoCo bond losses hit Pimco and Invesco hard.
TL;DR Summary
Pimco and Invesco are among the largest AT1 bondholders in Credit Suisse, with over $1.1 billion of investment in the risky bonds written down to zero by Swiss regulator Finma as part of the merger with UBS. The news shocked investors of the $275 billion AT1 bond market, triggering a sell-off in other European bank debt. AT1 bondholders are preparing to fight back on Finma’s move.
- Pimco and Invesco had the biggest holdings in Credit Suisse CoCo bonds: report MarketWatch
- Asia investors 'gobsmacked' by $17bn Credit Suisse bond wipeout Financial Times
- Credit Suisse kicks off investment conference in Hong Kong despite UBS takeover CNA
- European bank CoCos under pressure after Credit Suisse sale to UBS triggers historic loss on specialty bonds MarketWatch
- PIMCO lost $340 mln with Credit Suisse AT1 bonds write-off - source Reuters.com
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