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UBS keeps torturing Credit Suisse bond holders
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UBS shares, already doing well, are up 6 per cent since then and have outperformed almost all major peers since the US banking crisis.
PHOTO: REUTERS
Chris Hughes
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LONDON – The takeover of Credit Suisse brokered by the government
The more it looks fortuitous for UBS, the greater the anguish of those Credit Suisse bond holders whose 16 billion Swiss francs (S$24.6 billion) of “additional tier 1 (AT1)” notes were torched by regulators. Was it really necessary to sacrifice them so that Credit Suisse could be transferred to a new owner with less debt?
