这次Credit Suisse瑞信被政府安排由瑞银收购,一个重要事项是其AT1债券的”清零“(write-down)。按照常理,同一公司的债券风险低于股权,这次债券竟然先于股权被清零不禁让我产生了三个疑问:1) AT1债券先于股权被清零是否违约?2)为啥债券持有人没有先行使转股?3)因为什么导致债券被清零? 带着这几个问题,我翻阅CS年...
The Credit Suisse notes are set to fall to zero and were quoted at prices of a few cents on the dollar yesterday. Because of the Swiss government’s support of the UBS takeover, it will cause a complete write-down of SFr16 billion ($17.3 billion) of the bank’s AT1 bonds in order...
The litigation comes after the rescue of Credit Suisse by UBS on 19thMarch 2023, which led to $17 billion worth of Credit Suisse AT1 bonds being wiped out. “There is still a chance that the various actors will recognize and correct the mistakes made in hastily orchestrating this merger,” ...
Credit Suisse Group AG has notified its staff that the deferred bonuses designed to imitate the value of bonds that were eliminated in the company’s urgent sale to UBS Group AG will also be reduced to zero. Over the past few years, numerous managing directors and directors at Credit Suisse ...
An odd legal case trying to pin the blame for Credit Suisse additional tier-1 (AT1) bond losses on former chief executive Brady Dougan and other veteran managers could complicate the task of recovering losses for holders of $17 billion of bonds that were wiped out in the takeover by UBS....
Financial markets have been thrown a new curve ball by a decision to write down 16 billion Swiss francs of Credit Suisse AT1 bonds.
瑞银4折收购瑞信,1352亿AT1债变废纸 在瑞士政府压力下,瑞士银行(UBS)周日达成收购崩溃中的瑞士信贷(Credit Suisse)的世纪交易,涉资30亿瑞郎(约32.5亿美元或253亿港元),这宗收购由酝酿到敲定仅数天时间速成,避免银行信心危机进一步蔓延。 然而,全球银行股周一早段挨沽,瑞信插水逾64%,瑞银应声泻9%,其他欧洲同业...
At Credit Suisse itself, dollar AT1 bonds were bid as low as 1 cent on the dollar, Tradeweb pricing showed, as investors braced for the wipeout. "When an investor buys an AT1 he knows he's down the capital structure compared to senior. But he assumes he'...
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Fall of Credit Suisse shows more work is needed on bank risk Under the terms of the deal, about SFr16bn of Credit Suisse’s additional tier 1 (AT1) capital bonds, which are designed to take losses when institutions run into trouble and to transfer the risk of a bank failure from taxpaye...