The future of AT1 bonds one year on from the collapse of Credit Suisse

AT1 bonds have become closely affiliated with the collapse of Credit Suisse in 2023, when holders of $17bn worth of the bank's asset saw the value wiped out overnight amid the historic takeover of the bank by UBS.

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Partner Insight: Markets hold steady amid uncertainty

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund, provides an overview of the macroeconomic environment and outlines his views across the strategy’s main alpha sources. Despite geopolitical tensions and economic concerns, market sentiment remains resilient, with short-lived volatility spikes and credit spreads rallying in recent weeks. Against this backdrop, he highlights why his highest conviction forex position is a short US dollar against a basket of emerging market currencies.

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund

22 July 2025 • 5 min read