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Mar 19, 2023 · Credit Suisse's AT1 debt had rallied earlier on Sunday amid reports that shareholders would receive something in a deal with UBS, raising hopes that bondholders would be protected.
Mar 22, 2023 · Under the takeover deal of Credit Suisse by UBS, holders of additional tier 1 one (AT1) bonds absorbed losses ahead of equity investors, a move many said went against convention. File photo of the ...
Dec 4, 2023 · Global investors lost everything when Switzerland wrote down about US$17 billion of Credit Suisse’s Additional Tier 1 bonds as part of a forced merger with the bank’s biggest rival UBS Group. The debacle has sparked various lawsuits around the world.
Switzerland failed to comply with these obligations when ordering the write-down of AT1 bonds and facilitating the merger between Credit Suisse and UBS. In particular, Switzerland subverted the well-established creditor hierarchy and ignored the applicable resolution regime when taking emergency actions over the weekend of 18-19 March 2023.
Jun 6, 2024 · June 6th, 2024, 10:33 AM PDT. Credit Suisse debt holders wiped out when so-called AT1 bonds were voided in the bank's takeover by UBS Group AG are now suing Switzerland in New York, according to ...
Mar 26, 2024 · The Swiss government-mandated distressed sale of Credit Suisse to UBS in March 2023, particularly affected AT1 bondholders who held $17.6 billion of AT1 bonds. One year on, Clyde & Co has prepared a legal opinion on the viability of investment treaty claims in international arbitration proceedings. Clyde & Co is now planning to launch a series ...
Nov 8, 2023 · Swiss authorities’ decision to write down $17bn of Credit Suisse’s AT1 bonds in March, as a condition of its shotgun marriage to UBS, has led to at least $9bn of legal claims, including ones ...
