N. American fixed income group Credit Suisse won’t take legal action over AT1 fiasco-source | – #American #fixed #income #group #Credit #Suisse #wont #legal #action #AT1 #fiascosource
TORONTO, March 23 (Reuters) – USA and which is a lobbying group of Canada’s largest fixed income managers Credit The Round Table has decided not to take legal action against familiarity Credit Suisse AG ( CSGN.S ). This was reported to Reuters on Thursday.
Earlier this week, the Swiss regulator 16 billion Swiss franc (17.5 billion dollars) ordered its Additional Tier-1 (AT1) debt to be written off with a takeover by UBS ( UBSG.S ).
The issue was raised at a meeting earlier this week, with some members wanting to take the banks to court to have them delisted, but the association decided not to take any action. The source was not authorized to speak publicly on the issue.
The source said it was always “black and white” that these bonds could be written down to zero in adverse events. “So if you bought it and didn’t know about it, shame on you, and if you bought it and knew about it, well…” the source added.
Credit The Roundtable was not immediately available for comment. For the protection of bondholders 20Started in 2007 Credit The roundtable included PIMCO, Vanguard, MetLife (MET.N), Canada, among others pension The fund has 43 members, including Omers, Sun Life Financial Inc (SLF.TO).
Legal of individual members protest it was not clear if he could.
of Credit Suisse Europe and UK bondholders Switzerland bank are seeking legal advice on their regulator’s decision to write off AT1 bonds under a bailout by UBS. But on Thursday, the Swiss regulator reaffirmed its position on the creditor hierarchy.
Reporting by Divya Rajagopal Editing by Danny Thomas
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2023-03-24 00:08:11
Source – reuters
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