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What are AT1 bonds and why are Credit Suisse's now worthless?

found Mar '23 CNN

www.cnn.com › 2023 › 03 › 20 › investing › credit-suisse-at1-bond-write-down-explainer › index.html

This story seems to be about:

Investors in a riskier type of Credit Suisse's bonds had the value of their holdings slashed to zero Sunday after Swiss authorities brokered an emergency takeover of the bank by rival UBS.

Credit Suisse's main shareholders count their losses after the UBS takeover

found Mar '23 Quartz

qz.com › credit-suisse-biggest-losers-shareholders-ubs-takeover-1850242803

This story seems to be about:

UBS sealed a deal for Credit Suisse for $3.2 billion over the weekend. That’s 60% less than what the bank was worth when markets closed on Friday (Mar. 17). With a fallout of that size, it’s no surprise that the rescue created many losers—among them, Credit Suisse’s largest shareholders.

UBS's takeover of Credit Suisse failed to reassure markets

found Mar '23 Quartz

qz.com › ubs-credit-suisse-takeover-markets-reaction-1850242566

This story seems to be about:

Jittery markers don’t feel reassured by UBS’s takeover of Credit Suisse.

Relief over Credit Suisse rescue short-lived as bank shares sink

found Mar '23 Al Jazeera English

www.aljazeera.com › economy › 2023 › 3 › 20 › relief-over-credit-suisse-rescue-short-lived-as-bank-shares-sink

This story seems to be about:

As early investor optimism about efforts to stem a banking crisis quickly evaporated, shares of Credit Suisse, UBS fell.

Asian markets downcast despite UBS takeover of Credit Suisse

found Mar '23 Japan Times

www.japantimes.co.jp › news › 2023 › 03 › 20 › business › financial-markets › credit-suisse-takeover-asian-markets

This story seems to be about:

The 225-issue Nikkei average, Hong Kong’s Hang Seng and Australia’s S&P/ASX were all down, as turbulence in the banking sector continued to cast a shadow.

Central banks move to prevent crisis after UBS buys rival Credit Suisse

found Mar '23 Euronews

www.euronews.com › 2023 › 03 › 20 › central-banks-move-to-prevent-crisis-after-ubs-buys-rival-credit-suisse

This story seems to be about:

The deal serves as a buffer to ease tensions in global funding markets

Asia Pacific markets dip after UBS rescue of Credit Suisse

found Mar '23 CNN

www.cnn.com › 2023 › 03 › 19 › investing › global-markets-ubs-credit-suisse-deal-intl-hnk › index.html

This story seems to be about:

Asia Pacific markets edged slightly lower on Monday morning as investors reacted to news of a Credit Suisse bailout by its bigger rival UBS.

UBS swallows doomed Credit Suisse, casting shadow over Switzerland

found Mar '23 Japan Times

www.japantimes.co.jp › news › 2023 › 03 › 20 › business › ubs-credit-suisse-takeover-casts-shadow

This story seems to be about:

The transaction — the first rescue of a global bank since the financial crisis of 2008 — grants enormous clout to UBS, ridding it of ...