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Swiss regulator defends AT1 bond writedown in Credit Suisse-UBS deal
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Swiss market regulator Finma has issued an explanation for its decision to wipe out $17bn in Credit Suisse AT1 bonds as part of the UBS rescue deal.
Finma said on 23 March the AT1 instruments issued by Credit Suisse “contractually provide that they will be completely written down in a ‘Viability Event’” particularly if extraordinary government support is granted.
AT1...
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