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.
One year on and UBS has offered its first AT1 bonds since it took over the Swiss firm, and after months of debate around the future and utility of the asset, managers have been returning to AT1s in recent recent weeks. While AT1s are not exclusive to Credit Suisse or its new owner, the question remains about what the future of this asset is just over a year on from the crisis.
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