Financial Crisis Events

At1 Bond Trading Prices

[UNVERIFIED] Credit Suisse AT1 bonds traded at approximately 12 cents on the dollar prior to the Swiss court ruling, rising to approximately 22 cents following the ruling that the wipeout was unlawful.

before the court ruling yesterday, these bonds were selling at 12 cents on the dollar. Okay. After the ruling, it’s selling for 22 cents.

[UNVERIFIED] The AT1 bond wipeout associated with the Credit Suisse takeover amounted to approximately £15.5 billion, according to Financial Times reporting.

the wipeout of the 15.5 billion pounds. Okay. This is English. This is FT.
[UNVERIFIED] During the UBS takeover of Credit Suisse in March 2023, approximately $9 billion in AT1 bonds were converted to equity, absorbing losses before senior debt holders.

when they did that, they exercised the AT1 bonds for $9 billion. Okay. Bringing in more equity into the bank.

[UNVERIFIED] UBS stock declined approximately 2.6% in mid-market trading in Zurich following the Swiss court ruling on the AT1 bond wipeout.

UBS fell 2.6% in mid-market trading in Zurich yesterday.

[UNVERIFIED] A $370 million claim was filed in US courts regarding the AT1 bond wipeout, where US courts rejected Switzerland’s sovereign immunity argument; bondholders have 30 days to lodge an appeal.

it was a $370 million claim which our courts ruled against accepting the state’s argument of sovereign immunity. The bond holders have 30 days to lodge an appeal.