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Bond Market News
Credit Suisse’s AT1s Jump on Swiss Court Decision
October 16, 2025
Credit Suisse’s (CS) AT1 jumped by almost 18 points after the Swiss court decision termed FINMA’s move of writing-off $17bn of CS’ AT1 notes as unlawful. The decision has already been challenged by the country’s financial regulator. However, it has fueled hopes for a group of investors that hold claims tied to Credit Suisse AT1s wiped out in the takeover, who are pointing to another failed bank example of Lehman Brothers in the past. In the case of Lehman, creditors of the London-based entity, Lehman Brothers International Europe, saw their principal repaid in full as well as generous interest payments. Credit Suisse holders are eyeing a similar payout. Investors are looking at a wide range of possibilities, from full face value plus accrued interest to a more modest $3.75bn, like the amount Credit Suisse shareholders got.
Meanwhile, UBS AT1s bonds traded stable after dropping by few cents in the previous trading session – its 7% Perp traded at 100.6, yielding 6.91%.
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