with UBS Group AG will wipe out the bank’s riskiest bonds, rattling investors in the quarter-trillion-dollar market for similar European bank debt.
About 16 billion Swiss francs, or about $17.3 billion, of the so-called additional tier 1 bonds will be completely written down, Switzerland’s financial regulator, Finma, . Credit Suisse also referenced the decision in a statement, saying it was informed by Finma that the bonds would be “written off to zero.”
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How many other large banks hold a significant amount of these treasury bonds or mortgage backed securities ? That is the question ..
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