The UBS takeover of Credit Suisse includes wiping out $17 billion bonds. "17" strikes again!
(www.washingtonpost.com)
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Who are the AT1 bonds investors?
Mostly private investors and institutions that have the appetite for high risk high reward investments. They knew what they were playing with, btw, so I dont have any sympathy for them. I just hope no pension funds etc put money into that.