US distressed debt investors and corporate litigators are preparing to fight the Swiss government over its decision to write down $17bn of Credit Suisse bonds as part of the bank’s shotgun marriage with UBS.
Switzerland provoked the ire of bond investors when the government used an emergency ordnance to write down the bonds to zero, even as it orchestrated a deal where UBS will pay $3.25bn to shareholders.
AT1s are a class of debt designed to take losses when institutions run into trouble but are generally believed to rank ahead of equity on the balance sheet.
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