Things, as they say, are afoot in the wind in Europe. While it would be too much to say that the continent has been asleep these last three months, it has certainly not been pulsing with vitality. But, with help from Germany, assisted by France, that might be about to end.
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.