FINMA decided to write off the $17 billion AT1 bonds of Credit Suisse.
Saudi National Bank Lost up to $1.2 billion from the deal.
On Sunday, UBS agreed to buy rival Credit Suisse for EUR 3 billion. While the deal, supported by Swiss regulators, was about to stabilize the country's potential banking crisis, it has pushed global markets into downward spirals as they opened on Monday morning.
Credit Suisse Acquisitions Put Global Markets in Red
The share price of Credit Suisse plunged over 63 percent within an hour of the opening of the European market, only to recover at about a loss of 58 percent as of press time. UBS stock prices also went down by over 13 percent before recovering to some extent. These plummets dragged down the European STOXX 600 which dropped marginally by 1.6 percent before staging a modest recovery.
Despite the remarkable takeover, the harsh investors' sentiment resulted from a term in the deal: Swiss financial regulator FINMA ordered the writing off of the risky additional tier one (AT1) bonds of Credit Suisse. This has whipped out the value of about $17 billion of bonds to zero.
"The extraordinary government support will trigger a complete write-down of the nominal value of all AT1 shares of Credit Suisse in the amount of around SFr16bn, and thus an increase in core capital," the Swiss regulator stated.
What Are AT1 Bonds?
AT1 bonds were introduced as a part of the post-global financial crisis regulatory reforms to push the banks to increase their capital levels. These bonds are contingent convertible securities, meaning they can be converted into equity if the bank runs into trouble. They offer much higher yields for compensating the risks associated with these bonds.
After UBS's confirmation of the Credit Suisse takeover on Sunday, market participants did not anticipate any drastic clause to be involved with the AT1 bonds. Instead, traders marked up the quoting price of Credit Suisse's AT1 bonds after confirming the deal.
"The market is likely to be shocked by such a blatant inversion of the hierarchy of creditors and by the decision to sweeten an equity deal at the expense of bondholders," Jérôme Legras, the Head of Research at Axiom Alternative Investments, told Financial Times.
In addition, the market conditions forced the European banking regulators to reiterate that AT1 bonds only take losses outside Switzerland after contributors of common equity Tier 1, such as shareholders, have been wiped out. However, the Swiss regulator took the opposite approach of wiping out Credit Suisse AT1 holders while leaving shareholders with the possibility of receiving some payment from the UBS takeover.
"The resolution framework implementing in the European Union the reforms recommended by the Financial Stability Board after the Great Financial Crisis has established, among others, the order according to which shareholders and creditors of a troubled bank should bear losses," a joint statement by Single Resolution Board, European Banking Authority and ECB Banking Supervision noted.
"In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier One be required to be written down. This approach has been consistently applied in past cases and will continue to guide the actions of the SRB and ECB banking supervision in crisis interventions."
A Remarkable Deal, but a Disaster for Shareholders
Swiss regulators supported UBS's acquisition of Credit Suisse to avoid any further crisis in the country's banking sector. The deal was also closed after UBS significantly upped its bid for the rival lender. However, the agreed price still remained lower than the closing price of Credit Suisse shares on Friday.
The shareholders of Credit Suisse were not consulted for the deal as the regulator had already greenlighted it as an emergency measure.
Credit Suisse's purchase by UBS leaves one clear winner but lots of losers
Though the deal is believed to have saved the Swiss and the larger European banking sector from a looming crisis, it was unfavourable towards Credit Suisse shareholders. Saudi National Bank, which holds 9.9 percent of Credit Suisse stakes, confirmed a loss of up to $1.2 billion.
"As [of] December 2022, SNB's investment in Credit Suisse constituted less than 0.5 percent of SNB's total Assets, and c. 1.7 percent of SNB's investments portfolio," the Saudi National Bank said in a statement. "Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward looking 2023 guidance."
On Sunday, UBS agreed to buy rival Credit Suisse for EUR 3 billion. While the deal, supported by Swiss regulators, was about to stabilize the country's potential banking crisis, it has pushed global markets into downward spirals as they opened on Monday morning.
Credit Suisse Acquisitions Put Global Markets in Red
The share price of Credit Suisse plunged over 63 percent within an hour of the opening of the European market, only to recover at about a loss of 58 percent as of press time. UBS stock prices also went down by over 13 percent before recovering to some extent. These plummets dragged down the European STOXX 600 which dropped marginally by 1.6 percent before staging a modest recovery.
Despite the remarkable takeover, the harsh investors' sentiment resulted from a term in the deal: Swiss financial regulator FINMA ordered the writing off of the risky additional tier one (AT1) bonds of Credit Suisse. This has whipped out the value of about $17 billion of bonds to zero.
"The extraordinary government support will trigger a complete write-down of the nominal value of all AT1 shares of Credit Suisse in the amount of around SFr16bn, and thus an increase in core capital," the Swiss regulator stated.
What Are AT1 Bonds?
AT1 bonds were introduced as a part of the post-global financial crisis regulatory reforms to push the banks to increase their capital levels. These bonds are contingent convertible securities, meaning they can be converted into equity if the bank runs into trouble. They offer much higher yields for compensating the risks associated with these bonds.
After UBS's confirmation of the Credit Suisse takeover on Sunday, market participants did not anticipate any drastic clause to be involved with the AT1 bonds. Instead, traders marked up the quoting price of Credit Suisse's AT1 bonds after confirming the deal.
"The market is likely to be shocked by such a blatant inversion of the hierarchy of creditors and by the decision to sweeten an equity deal at the expense of bondholders," Jérôme Legras, the Head of Research at Axiom Alternative Investments, told Financial Times.
In addition, the market conditions forced the European banking regulators to reiterate that AT1 bonds only take losses outside Switzerland after contributors of common equity Tier 1, such as shareholders, have been wiped out. However, the Swiss regulator took the opposite approach of wiping out Credit Suisse AT1 holders while leaving shareholders with the possibility of receiving some payment from the UBS takeover.
"The resolution framework implementing in the European Union the reforms recommended by the Financial Stability Board after the Great Financial Crisis has established, among others, the order according to which shareholders and creditors of a troubled bank should bear losses," a joint statement by Single Resolution Board, European Banking Authority and ECB Banking Supervision noted.
"In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier One be required to be written down. This approach has been consistently applied in past cases and will continue to guide the actions of the SRB and ECB banking supervision in crisis interventions."
A Remarkable Deal, but a Disaster for Shareholders
Swiss regulators supported UBS's acquisition of Credit Suisse to avoid any further crisis in the country's banking sector. The deal was also closed after UBS significantly upped its bid for the rival lender. However, the agreed price still remained lower than the closing price of Credit Suisse shares on Friday.
The shareholders of Credit Suisse were not consulted for the deal as the regulator had already greenlighted it as an emergency measure.
Credit Suisse's purchase by UBS leaves one clear winner but lots of losers
Though the deal is believed to have saved the Swiss and the larger European banking sector from a looming crisis, it was unfavourable towards Credit Suisse shareholders. Saudi National Bank, which holds 9.9 percent of Credit Suisse stakes, confirmed a loss of up to $1.2 billion.
"As [of] December 2022, SNB's investment in Credit Suisse constituted less than 0.5 percent of SNB's total Assets, and c. 1.7 percent of SNB's investments portfolio," the Saudi National Bank said in a statement. "Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward looking 2023 guidance."
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔