As part of the emergency merger with UBS, the Swiss financial regulator Finma had Credit Suisse’s so-called AT1 bonds written off worthless.
(Photo: imago images/Geisser)
The Swiss financial regulator Finma needed six pages to destroy 17 billion francs: That’s how long the decree of March 19, with which the authority asked Credit Suisse to write off the value of certain subordinated bonds, so-called AT1 bonds. The document is available to the Handelsblatt.
However, the reasoning used by Finma to instruct the bank to write off the securities reveals contradictions. These give hope to those bond investors who are resisting the authority’s decision before the Federal Administrative Court in St. Gallen. Finma declined to comment.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further