Page 47 - Additional Tier News Today

By Amanda Cooper, Scott Murdoch and Tom Westbrook

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

FTSE 100 index drops over 1% despite Credit Suisse takeover, while oil price has been hit by recession worries

SINGAPORE/HONG KONG — The rudest shock in the rushed deal to save embattled Swiss lender Credit Suisse Group AG was reserved for the holders of the bank’s…

UBS will de-risk the investment bank and focus on asset and wealth management.

Credit Suisse shares slumped 60.5 percent in premarket trade to a new low while UBS lost 8 percent. Those sharp moves followed a day of heavy selling in Asian financial markets.

1. Credit Suisse says $23 billion debt worthless, angering bondholders Credit Suisse said 16 billion Swiss francs (S$23 billion) of its Additional Tier 1 (AT1) debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders on Sunday (March 19). Finma, the Swiss regulator, said the decision...

The rudest shock in the rushed deal to save embattled Swiss lender Credit Suisse Group AG was reserved for the holders of the banks riskiest tranche of bonds.

Among the companies with reports and trading updates today are FirstGroup, Corcel, Ten Lifestyle Group and Mears Group.

Despite bold proclamations about a return to stability, the sale of Credit Suisse to UBS does not appear to have laid to rest contagion concerns.