Investors are suing the Swiss government over its handling of the takeover of Credit Suisse.
AT1 bonds, they said, can be wiped out in a so-called "Viability Event" - in this case the extraordinary liquidity support granted by the Swiss government to Credit Suisse on 19 March.
It means, in effect, that those who had bought shares got something, while those who had bought bonds got nothing. Another Asia-based bondholder who spoke to the BBC said he and his wife, who were due to retire this year, had their life savings wiped out by the decision. "I know people, sophisticated investors, who went and bought the bond," he said. "They were saying to me, 'look, this is solid, this is all kosher'.
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