Credit Suisse's Bond Wipeout Sends Shockwaves Through Banking Industry.
TL;DR Summary
The takeover of Credit Suisse by UBS arranged by Swiss regulators has raised concerns for investors in a class of bond popular with European banks. Regulators have said that the value of Credit Suisse's Additional Tier 1 bonds, worth about $17 billion in total, would be written down to zero, setting a frightening precedent for the market of Contingent Convertible bonds, also known as Cocos, which is worth about $250 billion.
Topics:business#additional-tier-1-bonds#contingent-convertible-bonds#credit-suisse#finance#swiss-regulators#ubs
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- UBS Got Credit Suisse for Almost Nothing Bloomberg
- Opinion | Banking crisis might not be over with Credit Suisse sale The Washington Post
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