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22-03-2023, 03:44 PM
Updated: 22 Mar 2023, 11:27 AM IST
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Big money managers such as Pacific Investment Management Co. and Invesco Ltd. are among the largest holders, owning around US$807 million and US$370 million, respectively. BlackRock Inc. had about US$113 million at the end of February, although the firm has reduced some of its holdings in recent weeks. Elsewhere, funds managed by Lazard Freres Gestion and GAM Investments were also exposed.
The Middle East has formed deep ties with Credit Suisse. In 2013, Qatar converted over US$4.5 billion of a special type of debt into AT1 bonds, although it is unknown whether the Gulf state still owned any of them.
Or how about Credit Suisse’s own employees? For years, senior executives were paid in part in AT1 notes
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Fortunately, banks are unlikely candidates, in that they are heavily penalized for owning peers’ capital instruments.
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Mom-and-pop investors should also be largely spared. In many jurisdictions, retail investors are not allowed to buy AT1 notes because of their complexity.
......
This leads us to the ultra-rich. Wealthy individuals, as well as small to mid sized family offices in Hong Kong and Singapore have gobbled them up, and a lot of them are “in shock,”
https://mintgenie.livemint.com/news/mark...9464167326
......
Big money managers such as Pacific Investment Management Co. and Invesco Ltd. are among the largest holders, owning around US$807 million and US$370 million, respectively. BlackRock Inc. had about US$113 million at the end of February, although the firm has reduced some of its holdings in recent weeks. Elsewhere, funds managed by Lazard Freres Gestion and GAM Investments were also exposed.
The Middle East has formed deep ties with Credit Suisse. In 2013, Qatar converted over US$4.5 billion of a special type of debt into AT1 bonds, although it is unknown whether the Gulf state still owned any of them.
Or how about Credit Suisse’s own employees? For years, senior executives were paid in part in AT1 notes
......
Fortunately, banks are unlikely candidates, in that they are heavily penalized for owning peers’ capital instruments.
......
Mom-and-pop investors should also be largely spared. In many jurisdictions, retail investors are not allowed to buy AT1 notes because of their complexity.
......
This leads us to the ultra-rich. Wealthy individuals, as well as small to mid sized family offices in Hong Kong and Singapore have gobbled them up, and a lot of them are “in shock,”
https://mintgenie.livemint.com/news/mark...9464167326
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