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The Guardian - UK

Business

Richard Partington

What are AT1 bank bonds – and why are Credit Suisse’s wiped out?

Credit Suisse Bonds UBS

A person walks past the Credit Suisse office in Canary Wharf in London — A person walks past the Credit Suisse office in Canary Wharf in London. The bank’s shareholders will not be wiped out completely but are set to be compensated in with UBS shares. Photograph: Hannah McKay/Reuters

The global banking system is under renewed pressure after the Swiss government-brokered takeover of Credit Suisse by its larger rival UBS, after the deal wiped out the investment of bondholders who owned about $17bn (£14bn) of risky Credit Suisse debt.

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