ECB supports creation of global standards for AT1 bonds after Credit Suisse wipe-out - reports

Standardisation of contracts

clock • 1 min read

The European Central Bank’s chief supervisor has expressed support for the creation of global standards for the convertible bonds that were wiped out as part of Credit Suisse’s rescue by UBS.

Holders of $17bn of Credit Suisse's AT1 bonds had their holdings wiped out as part of the historic takeover of the bank by UBS earlier this year, a move that had sparked controversy across European debt markets. The decision forced the Bank of England and EU regulators to step in with veiled disagreement to the move by FINMA, the Swiss regulator, in order to stem a potential market rout.  EU regulators express disagreement over AT1 bonds wipe-out by Swiss authorities According to a report by Reuters, ECB chief supervisor Andrea Enria supported for the regulator's decision, given th...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Europe

Timing of ECB rate cuts in doubt as core eurozone inflation measure disappoints

Timing of ECB rate cuts in doubt as core eurozone inflation measure disappoints

Services price inflation remains sticky

Valeria Martinez
clock 01 February 2024 • 1 min read
Eurozone inflation rises to 2.9%

Eurozone inflation rises to 2.9%

Driven by energy prices

Elliot Gulliver-Needham
clock 05 January 2024 • 1 min read
European mutual funds suffer €19bn outflows in October

European mutual funds suffer €19bn outflows in October

LSEG Lipper European Fund Flows

Cristian Angeloni
clock 27 November 2023 • 2 min read
Trustpilot