Financial markets are poised for relief on Monday after UBS Group AG agreed to buy Credit Suisse Group AG in a rescue orchestrated by the state and major central banks announced a co-ordinated move to shore up liquidity in the financial system.
At least two major banks in Europe were examining scenarios of contagion possibly spreading in the region's banking sector, two senior executives with knowledge of the deliberations told Reuters earlier on Sunday, before the Credit Suisse deal was announced.
Additional Tier 1 bonds to zero under the deal was "stunning and hard to understand," bondholder Axiom said. "CS shareholders are essentially wiped out, and some bondholders will be wiped out, but the basic functioning of the banking system was protected," said Michael Rosen, chief investment officer at Angeles Investments.
Reporting by Dhara Ranasinghe and Amanda Cooper in London Additional reporting Carolina Mandl, Lawrence Delevigne and Tom Sims Editing by Matthew Lewis
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