AT1 completely wiped with equity surviving at 3.25b
Guess lots of holders gonna sue the Swiss
But are we also expecting significant correction in AT1 market tomorrow? No one is going to hold these if they are first to go
Will it spread to the less capitalized banks and cause a few more going out of business?
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Not sure about your second point but holders of CS AT1's won't be suing the Swiss anytime soon. The write-down of AT1's were legally agreed to in the case of contingency/viability events were to occur. The whole point of AT1 bonds were that they are 'bail-in' capital.
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