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Bond Market News

Bondholders Holding Over a Third of Credit Suisse’s AT1s File Claims Against Regulator for Write-Off

More details have emerged on the lawsuits filed by Credit Suisse’s AT1 bondholders against the Swiss regulator FINMA. Pallas Partners, a law firm had filed a suit in a Swiss court on April 18 – they said that FINMA had no right to order the write-down and are seeking full compensation for their clients holding $1.7bn of Credit Suisee’s AT1s. This includes 90 institutional investors and asset managers holding $1.35bn and 700 retail and family office clients holding about $300mn of CS’s AT1s. Besides, Quinn Emmanuel, a US law firm filed a claim in a Swiss court in April on behalf of over 400 institutional investors holding about $4.5bn worth of CS’s AT1s.

Looking at the above, investors holding more about 36% of CS’s AT1s have filed claims to get their monies back, given that the write-off was for ~$17bn of its notes. CS’s AT1s are currently trading at ~3-5 cents on the dollar.

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