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TIP539: The Banking Crisis Explained w/ Shawn O'Malley
We Study Billionaires - The Investor’s Podcast Network
Credit Suisse's Sale to UBS
Swiss regulators wiped out $17 billion worth of Credit Suisse bonds so they could close out their sale to UBS for around $3 billion. These bonds are called AT-1 bonds, which I've never even heard of. They were introduced after the 2008 financial crisis to transfer banking risk away from taxpayers and on the bondholders. Unlike other European banks though, Credit Suisse's AT-1s included this provision where bondholders could lose their entire investment before shareholders did.
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