Who is stuck with Credit Suisse’s worthless AT1 bonds? - Printable Version
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Who is stuck with Credit Suisse’s worthless AT1 bonds? - Levin - 22-03-2023
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.
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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/markets/who-is-stuck-with-credit-suisse-s-worthless-at1-bonds-151679464167326
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - singaporean1964 - 22-03-2023
cpf board maybe got put money there
town councils also will put money 'somewhere
the last lehman crisis
a pap town council lost 15million
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - sgbuffett - 22-03-2023
AT1 is Lehman minibonds for the rich?
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - toothpick - 22-03-2023
Never know if your Insurer’s endowment plans are involved.
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - K88 shu shu - 22-03-2023
me only left with S$1M inside after sold $2M last yr.
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - CHAOS - 22-03-2023
Credit Suisse bondholders prepare lawsuit after contentious $17 billion writedown
https://www.cnbc.com/2023/03/21/credit-suisse-bondholders-prepare-lawsuit-after-at1-bond-writedown-in-ubs-deal.html
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - Basic_Strategy - 22-03-2023
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”.
HAHAHAHAHAHHAHAAHHA LOL now they know how normal people feel like when they get wiped out by failing banks.
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - ysh02 - 22-03-2023
As long as our TH not involved will be lucky, also CPF and GLC....but they don"t disclose one...
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - Sticw - 22-03-2023
Ironically bonds are supposed to be safer than stocks.. lol but govt or angels always bailout the bank (shareholder) and latest pattern is kill the bondholders (and allow bonuses to be paid to employees too!). Lol
RE: Who is stuck with Credit Suisse’s worthless AT1 bonds? - talky - 22-03-2023
(22-03-2023, 03:58 PM)singaporean1964 Wrote: cpf board maybe got put money there
town councils also will put money 'somewhere
the last lehman crisis
a pap town council lost 15million
i thought just a few million fr a few pap tc!!