Swiss authorities are examining imposing losses on Credit Suisse bondholders as part of a rescue of the bank, two sources with knowledge of the matter said on Sunday.
Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann//File Photobondholders as part of a rescue of the bank, two sources with knowledge of the matter said on Sunday.
Losses on bondholders may need to be larger if Credit Suisse were wound down rather than if it were taken over by UBS, one of the sources said.a UBS takeover of Credit Suisse before financial markets reopen on Monday. The price of one of Credit Suisse's Additional Tier 1 bonds, a junior tranche of debt which slumped in price this week, rallied in limited trading after the report, one investor said.
"I would be surprised if Credit Suisse bondholders, including AT1 investors, weren’t made whole. As long as UBS pays something to equity investors, bondholders should be left untouched," Jerome Legras, head of research at Axiom Alternative Investments, an investor in Credit Suisse’s AT1 debt, told Reuters.Another holder of the debt said they expected the AT1 bonds could be converted into UBS shares if a deal went through.
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