Decision to write off Credit Suisse's bonds legal: Swiss regulator
Swiss financial regulator FINMA defended its decision to write off Credit Suisse's bonds worth $17.49 billion as part of its takeover by UBS, saying the decision was legally watertight. "The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a 'viability event', in particular, if extraordinary government support is granted," FINMA said.