The Day After
Tuesday 21st March 2023
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Markets were relatively calm on the first day after the announcement of the Credit Suisse-UBS deal. One risk of contagion was in the AT1 (addition tier one) bond markets, as Credit Suisse wrote their $17 billion value down to zero, leaving bondholders with nothing. NAB’s Taylor Nugent says there seems to be some acceptance that this is a Swiss-only story, and AT1 bondholders would count before equities in the pecking order in the case of other banking right downs. So, now, as…
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