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Credit Suisse’s takeover could kill a $275bn bond market

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At a time when banks are already facing pressure, the last thing they need is fewer willing investors

, its great rival, is reverberating through financial markets. Investors are scrambling to understand the deal and identify knock-on consequences. One is already clear. The decision to write down around SFr16bn in Additional-Tier 1 bonds issued by Credit Suisse—while stockholders merely suffered enormous losses—is causing fury and pain elsewhere. Some observers fear it could even spell the end of the asset class.

Credit Suisse’s debt-issuance documents seem to allow for stockholders coming out on top. They note that1 bond buyers have waived any right to reimbursement in a “write-down event”. Yet the idea that stockholders may be left with something and coco holders with nothing is contrary to the understanding many buyers had about what they were purchasing: namely, a hybrid security somewhere between stocks and debt in the stack of capital.

 

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