[ロンドン ２０日 ロイター] – Credit Suisse (CS) AT1 bonds (other Tier 1 bonds) will be rendered worthless following the acquisition of CS by UBS. The law firm Quinn Emmanuel Urquhart Sullivan said Tuesday it is in talks with lawyers.
Quinn Emanuel said it was in talks with bondholders representing a “substantial percentage” of the total notional value of AT1 bonds. It did not mention the name of the holder.
While the AT1 bonds are worthless, holders of shares with lower priority to repayment than the bonds will receive a total of $3.23 billion in a share-for-stock purchase by UBS.
Funds with significant exposure to AT1 bonds by portfolio weight at the end of February included those managed by Lazard Frere Gestion, PIMCO and GAM Investments, according to Morningstar data reviewed by Reuters. , are likely to be susceptible to devaluation.
PIMCO and GAM declined to comment on questions about AT1 holdings and potential legal action.
Lazard Frere did not respond to a request for comment.
