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Some of Credit Suisse’s AT1 investors are said to be bidding up legal claims on the notes to recover some of its lost value during the wipeout of the bonds in March. As per sources, Cantor Fitzgerald’s trading desk made an offer to buy some of the claims at 9.5 cents on the dollar as compared to the current trading price of 3-4 cents on the dollar. Investors in the AT1 claims are targeting a settlement of around 15 cents, said one sources and another said that large bondholder groups were suing Swiss authorities and were seeking a significantly higher payout. Earlier in April, it was reported that some hedge funds were buying CS’s AT1s in a hope to benefit from a higher payout based on a legal settlement to favor them.
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