CoCo Melon
The Credit Strategist Blog
As expected, Swiss regulators strong-armed UBS Group AG into buying Credit Suisse Group AG over the weekend in order to avoid a global banking crisis. The Swiss regulator FINMA announced that while shareholders will be paid ~$3 billion, ~$17 billion of Credit Suisse’s CoCo bonds (Additional Tier 1 or AT1 Contingent Convertible Bonds) will be wiped out,…
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