A number of Credit Suisse bondholders said they are considering legal action after the $17 billion wipeout of the embattled bank's AT1 bonds.
David Benamou, chief investment officer at Axiom Alternative Investments and a holder of Credit Suisse AT1 bonds, told CNBC on Tuesday that he would be joining the lawsuit along with, he imagined, "probably most bondholders."
"That team are already in discussions with a number of holders of Credit Suisse's AT1 capital instruments, representing a significant percentage of the total notional value of AT1 instruments issued by Credit Suisse, about the possible legal actions that may be available to them in light of the announcement of the merger between UBS and Credit Suisse," the firm said.
The decision by Swiss authorities to upend the long-established norms and hit AT1 bondholders over equity investors has been criticized for damaging confidence in the asset class, potentially creating a spillover effect in global markets
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