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Credit Suisse bond wipe-out will not trigger credit insurance payout financialpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialpost.com Daily Mail and Mail on Sunday newspapers.
Holders of credit insurance linked to Credit Suisse bonds will not get a payout after a committee that adjudicates on disputes in the derivatives market said on Wednesday the bank's state-engineered merger with UBS was not a credit event.
UBS Group said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it sold just days ago in a bid to boost confidence among bondholders rattled by its $3 billion rescue of rival Credit Suisse.