Swiss regulator moves to block access to Credit Suisse AT1 wipeout filings - reports

Key documents about FINMA decision

The Swiss Financial Market Supervisory Authority (FINMA) has reportedly sought to block access to key documents relating to its decision to wipe out $17bn of Credit Suisse AT1 bonds in March last year.

A group of Swiss and international investors representing billions of dollars of Credit Suisse AT1 bonds sued the Swiss regulator in April 2023 for the wipeout that followed the bank's acquisition by rival UBS in March last year. The AT1 bonds were issued by Credit Suisse as part of its capital structure to meet regulatory capital requirements. These had a clause allowing Swiss authorities to write them off regardless of what happened to the shares if the bank fell insolvent. Credit Suisse AT1 bondholders force Swiss regulator to hand over wipeout decree - reports However, the law ...