Arnd Wiegmann
By Victor Grigore
Recent events bring into focus the AT1 market and credit fundamentals of European banks.
We have seen significant market movement in bonds issued by European banks given the ongoing uncertainty leading to UBS's (UBS
European Banks After Credit Suisse
Summary
- UBS will receive substantial downside protection on acquired CS non-core assets of up to CHF25 billion.
- Credit Suisse remains active and should continue meeting its obligations until the merger closes, likely in the second quarter of 2023.
- Recent events have resulted in dislocations in the bonds of European banks.
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