Credit Suisse’s merger with UBS will wipe out the bank’s riskiest bonds known as AT1s. What they are and why their write down matters for other European banks.
with UBS Group AG will wipe out the bank’s riskiest bonds, rattling investors in the quarter-trillion-dollar market for similar European bank debt.
About 16 billion Swiss francs, or about $17.3 billion, of the so-called additional tier 1 bonds will be completely written down, Switzerland’s financial regulator, Finma, . Credit Suisse also referenced the decision in a statement, saying it was informed by Finma that the bonds would be “written off to zero.”
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