Credit Suisse AT1 ruling may only benefit a third of bondholders
Swiss law may mean only bondholders who appealed writedown get compensation, if there is any
To the average person, the word annul may have the same meaning as null and void.
But in Swiss law, there is a crucial difference – and this may determine who benefits from last week’s court ruling overturning a regulatory order that wiped out Sfr16.5 billion ($20.53 billion) of Credit Suisse’s hybrid debt.
The Swiss financial regulator, Finma, ordered the writedown of Credit Suisse’s Additional
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