The $252bn asset supervisor slashed its AT1 bond publicity on the finish of February final yr, simply weeks earlier than the government-backed takeover of Credit score Suisse by UBS led the Swiss regulator to wipe out $17bn value of the struggling financial institution’s AT1 bonds.
This led to some market individuals to deem the AT1 bonds market – which on the time held $260bn in belongings – ‘uninvestable’, whereas different traders perceived the sell-off as a shopping for alternative.
Authorities-supported buyout wipes out $17bn in Credit score Suisse bonds
Pictet started including AT1s again into its key lengthy methods in November, leaping…
