A white-shoe law firm is working with Credit Suisse bondholders to pursue "possible legal actions" after the value of convertible bonds issued by...
A white-shoe law firm is working with Credit Suisse bondholders to pursue “possible legal actions” after the value of convertible bonds issued by the bank was written down to zero following the takeover of the Zurich-based lender by crosstown rival UBS Group.
Los Angeles-based Quinn Emanuel Urquhart & Sullivan said in a press release Monday that it was in talks with holders of Credit Suisse’s AT1 capital instruments, also known as contingent convertible or CoCo bonds, about options for pursuing a lawsuit or other legal recourse. Quinn Emanuel has some experience in this area: The firm represented an international group of CoCo bondholders after they accrued more than $1 billion of losses when junior bondholders and equity investors in Banco Popular, formerly Spain’s sixth-largest lender, were wiped out when the bank was sold to rival Banco Santander SAN in 2017.
“This deal is bound to generate legal and political resistance,” said Octavio Marenzi, CEO at Opimas, a management consultancy focused on capital markets. The Invesco AT1 Capital Bond UCITS exchange-traded fund AT1 traded sharply lower on Monday, according to FactSet data. Deutsche Bank’s £650 million 7.125% note fell to 66 cents, its largest ever one-day drop, according to a report from Bloomberg News.
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