"It's stunning and hard to understand how they can reverse
the hierarchy between AT1 holders and shareholders," Jerome
Legras, head of research at Axiom Alternative Investments told
Reuters.
(Reporting by Pablo Mayo Cerqueiro
Editing by Tommy Reggiori Wilkes)
LONDON, March 19 (Reuters) - The decision to write down
the value of the Credit Suisse's Additional Tier 1
bonds to zero under a UBS takeover deal was "stunning and hard
to understand", bondholder Axiom said on Sunday.
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