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22 March 2023

City AM: Who’s going loco over Credit Suisse’s cocos? Here are the losers of the AT1 bond write-off

Bond markets were sent into a spin across Europe this week after the move from Swiss regulator Finma to wipe out $17bn of Credit Suisse’s AT1, or contingent convertibles (coco), as part of a rescue deal from its rival UBS.

According to standards set in the wake of the 2008 financial crisis,...

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