EU regulators express disagreement over AT1 bonds wipe-out by Swiss authorities

Eurozone regulators have expressed disagreement over the Swiss authorities’ decision to wipe out $17bn of Credit Suisse’s additional tier one (AT1) bonds on Sunday night (19 March), following approval of the bank’s acquisition 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