Explainer: Why markets are in uproar over a risky bank bond known as AT1

Explainer: Why markets are in uproar over a risky bank bond known as AT1

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Just over $17 billion worth of Credit Suisse bonds, known as Additional Tier 1 or AT1, debt will be written down to zero on the orders of the Swiss regulator as part of a rescue merger with UBS (UBSG.S). Under the deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who…

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