Investment heavyweights Pimco and Invesco will face huge losses with over $1.1 billion of AT1 bond holdings in Credit Suisse now valued at zero, Bloomberg...
Investment heavyweights Pimco and Invesco will face huge losses as some of the largest AT1 bondholders in Credit Suisse, with over $1.1 billion of investment in the risky bonds written down to zero, Bloomberg reported on Tuesday.
The... Investment heavyweights Pimco and Invesco will face huge losses as some of the largest AT1 bondholders in Credit Suisse, with over $1.1 billion of investment in the risky bonds written down to zero, Bloomberg reported on Tuesday. The news shocked investors of the $275 billion AT1 bond market, triggering a sell-off in other European bank debt.
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Credit Suisse writes down $17 billion of bonds, angering holdersCredit 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.
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Investors dump Credit Suisse stock and bonds after UBS rescueInvestors dumped Credit Suisse shares and bonds on Monday after rival UBS agreed at the weekend to take over the 167-year old bank for just a fraction of its market value, with hefty backstops from the Swiss government.
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Why $17 billion in Credit Suisse bonds became worthlessCredit Suisse’s “CoCo” bonds did exactly what they were designed to do: Transfer all the risk of debt from the bank to bondholders. Here’s what we know about the “CoCo” bonds and what their evaporation may mean for the banking sector.
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