Credit Suisse AT1 bondholders force Swiss regulator to hand over wipeout decree - reports

Firmer foothold for wipeout contest

Holders of Credit Suisse AT1 bonds have forced the Swiss regulator to hand over the decree that ordered the wipeout of $17bn of the bank’s riskiest bonds.

A group of Swiss and international investors representing over CHF 4.5bn ($5bn) of Credit Suisse AT1 bonds sued the Swiss Financial Market Supervisory Authority (FINMA) on 18 April for the wipeout that followed the bank's acquisition by rival UBS in March. According to a report by the Financial Times, the investors and Quinn Emmanuel, the law firm representing them, launched the claim largely in the dark due to the regulator's secrecy on the wording of the decree that ordered Credit Suisse to write-off the instruments to zero. However, the judge overseeing the case ordered FINMA to re...