Shares of a little known Californian lender to tech companies – Silicon Valley Bank – were suspended today after revealing big bond losses, triggering billions of dollars to be wiped off the value of global banking stocks on fears that they too face huge losses on their bond portfolios.
How ironic that Credit Suisse was the first bank to issue an AT1 – otherwise known as cocos
The wiping out of the holders of Credit Suisse’s AT1 is to bond markets as seismic an event as the recent earthquake in Syria and Turkey was to its people.
