by Amruth Sundarkumar | May 9, 2023 | Banks, Financial Institutions, Perpetual Bonds
Over 100 Singapore-based investors in Credit Suisse’s AT1s have joined a class action lawsuit to recover ~$100mn in losses. These investors have joined the suit under law firm Withers and the number of investors are increasing daily. As per BT, these investors,...
by Amruth Sundarkumar | May 5, 2023 | Banks, Financial Institutions, Perpetual Bonds
US financial institutions’ perps led by banks fell across the board yesterday as banking sector fears continue to weigh on markets. Perps of PNC Financial Services, US Bancorp, Charles Schwab, Goldman Sachs and several others took a hit, falling 3-6%. Bloomberg...
by Amruth Sundarkumar | May 3, 2023 | Banks, Financial Institutions, Perpetual Bonds
More details have emerged on the lawsuits filed by Credit Suisse’s AT1 bondholders against the Swiss regulator FINMA. Pallas Partners, a law firm had filed a suit in a Swiss court on April 18 – they said that FINMA had no right to order the write-down and...
by Amruth Sundarkumar | May 2, 2023 | Banks, Financial Institutions, Perpetual Bonds
UniCredit and Lloyds Group said that they will repay their AT1 notes that are callable in June. UniCredit said that it would redeem its €1.25bn 6.625% Perp in June after receiving supervisory approval, adding that it would not need to issue similar debt for...
by Amruth Sundarkumar | Apr 19, 2023 | Banks, Insights, Perpetual Bonds
Following the historic write-off of Credit Suisse’s AT1 debt, non-call risk of the broader bank AT1 universe has been in focus. While market participants often assume that AT1s will be called on their first call date, that is not always the case. There have been...
by Amruth Sundarkumar | Apr 18, 2023 | Banks, Financial Institutions, Perpetual Bonds
Some holders of Credit Suisse’s AT1 bonds from Singapore are seeking to sue the Swiss government regarding unique protections they should have received regarding the historic write-off. BT reports that a group of 30 investors are in talks with law firms...
