Credit Suisse says $23 billion debt worthless, angering bondholders

LONDON/NEW YORK – Credit Suisse said 16 billion Swiss francs (S$23 billion) of its Additional Tier 1 (AT1) debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders on Sunday (March 19). Finma, the Swiss regulator, said the decision would bolster the bank's capital. The move...

Related Keywords

Switzerland ,London ,City Of ,United Kingdom ,Swiss ,Jerome Legras ,Michael Ashley Schulman ,Marlene Amstad ,Ralph Hamers ,Credit Suisse ,Reuters ,Additional Tier ,Axiom Alternative Investments ,Running Point Capital ,