Swiss AT1 Bond Carnage, Leisure Sector Risk
The Credit Edge by Bloomberg Intelligence
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What Is an 81?
UBS acquired Credit Swiss for $3 billion or so. UBS had credit to waste as quite a bit of, let's call it, baggage. Basel III was hailed as the greatest innovation we've seen over several decades in the banking market. I think this is going to be the end of history for banking capital instruments.
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