Swiss AT1 Bond Carnage, Leisure Sector Risk
The Credit Edge by Bloomberg Intelligence
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The Global Financial Crisis and the Impact of Credit Swiss AT1 Bonds
UBS had tens of billions of dollars in CET1 capital as it's called, that's common equity pretty much. So if these bonds essentially became worthless, even after equity investors recovered something, what does that mean for the AT1 market as a whole? "What happened was a total shock afterwards," he says.
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