Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in a rescue deal announced on Sunday.
A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File Photo
FINMA president Marlene Amstad, when asked about the decision at a press conference following the UBS takeover announcement, said the regulator had chosen to stick to the too-big-to-fail framework and trigger the bonds.
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