UBS to appeal AT1 bond court setback

Swiss bank UBS intends to appeal against the Federal Administrative Court's verdict that the write-down of Credit Suisse's AT1 bonds had no legal basis. + Get the most important news from Switzerland in your inbox UBS joins Finma, which announced in mid-October that it intended to bring the case before the Federal Supreme Court. With its appeal, UBS wishes to ensure that its point of view will be taken into account by the court. In addition, the credibility of the AT1 instruments must be preserved, given their key role in the reorganisation of the banks. + How AT1 bond “rip-off” could cost Swiss taxpayer The write-down of Credit Suisse's AT1 instruments was a central element of the rescue plan, UBS emphasised. The big bank is convinced that this write-down was in line with the contractual terms of the AT1 instruments and the applicable law, and that Finma's decision was legitimate. Without the rescue plan, Credit Suisse would have been insolvent and would not have been able to ...