AT1

The EBA updates on the monitoring of Additional Tier 1, Tier 2 and TLAC/MREL eligible liabilities instruments of European Union institutions

Retrieved on: 
Friday, July 21, 2023
European Banking Authority, Additional insured, Commission, Tier 2, Article, EBA, CRR, Report, Documentation, European, Reading, AT1, RAC, Union, Medical device, EU

21 July 2023

Key Points: 
  • 21 July 2023
    The European Banking Authority (EBA) published today an updated Report on the monitoring of Additional Tier 1 (AT1), Tier 2 and total loss absorbing capacity (TLAC) and minimum requirement for own funds and eligible liabilities (MREL) instruments of European Union (EU) institutions.
  • By merging the contents of these two reports, the EBA aims to facilitate the reading and to highlight the commonalities in terms of eligibility criteria between own funds and eligible liabilities instruments.
  • Going forward, the EBA will continue to monitor the quality of the AT1, Tier 2 and TLAC/MREL instruments and stand ready to provide additional guidance where necessary.
  • The EBA has previously published two separate reports on AT1 monitoring in June 2021 and on the monitoring of TLAC/MREL eligible liabilities instruments in October 2022.

Quinn Emanuel launches new AT1 bondholder website

Retrieved on: 
Wednesday, July 5, 2023
UBS, Quinn Emanuel Urquhart & Sullivan, Acquisition, DACH, CHF, Federal Council of Engineering and Agronomy, Credit Suisse, AT1

LONDON, July 5, 2023 /PRNewswire/ -- Quinn Emanuel Urquhart & Sullivan, the world's largest litigation only international law firm, has launched a new website at1action.com to update stakeholders on the latest developments in its ongoing fight against the parties responsible for the decision to write down CHF 16 billion worth of Credit Suisse AT1 bonds.

Key Points: 
  • LONDON, July 5, 2023 /PRNewswire/ -- Quinn Emanuel Urquhart & Sullivan, the world's largest litigation only international law firm, has launched a new website at1action.com to update stakeholders on the latest developments in its ongoing fight against the parties responsible for the decision to write down CHF 16 billion worth of Credit Suisse AT1 bonds.
  • Quinn Emanuel is committed to rectifying that decision and its consequences in order to protect the interests of its clients.
  • Quinn Emanuel represents over 1,000 bondholders that hold approximately a third of the total notional value of the Credit Suisse AT1 bonds written down following the acquisition of Credit Suisse by UBS.
  • The site holds a wealth of information on the situation, including a record of all press releases issued on behalf of the AT1 bondholder group, documents issued by the federal council and other related bond documentation, as well as selected media coverage.

Quinn Emanuel launches new AT1 bondholder website

Retrieved on: 
Wednesday, July 5, 2023
UBS, Quinn Emanuel Urquhart & Sullivan, Acquisition, DACH, CHF, Federal Council of Engineering and Agronomy, Credit Suisse, AT1

LONDON, July 5, 2023 /PRNewswire/ -- Quinn Emanuel Urquhart & Sullivan, the world's largest litigation only international law firm, has launched a new website at1action.com to update stakeholders on the latest developments in its ongoing fight against the parties responsible for the decision to write down CHF 16 billion worth of Credit Suisse AT1 bonds.

Key Points: 
  • LONDON, July 5, 2023 /PRNewswire/ -- Quinn Emanuel Urquhart & Sullivan, the world's largest litigation only international law firm, has launched a new website at1action.com to update stakeholders on the latest developments in its ongoing fight against the parties responsible for the decision to write down CHF 16 billion worth of Credit Suisse AT1 bonds.
  • Quinn Emanuel is committed to rectifying that decision and its consequences in order to protect the interests of its clients.
  • Quinn Emanuel represents over 1,000 bondholders that hold approximately a third of the total notional value of the Credit Suisse AT1 bonds written down following the acquisition of Credit Suisse by UBS.
  • The site holds a wealth of information on the situation, including a record of all press releases issued on behalf of the AT1 bondholder group, documents issued by the federal council and other related bond documentation, as well as selected media coverage.

Christine Lagarde: Interview with Nikkei

Retrieved on: 
Thursday, May 11, 2023
Personal ordinariate, Bank, European Central Bank, Visa requirements for Turkish citizens, Food, Food additive, European Parliament, Civil service commission, Face, Federal, European, Communication, Policy, History of the Federal Reserve System, Electricity, PEPP, Weakness, Aggression, Central bank, Elliott District Community Government Council, Basel Committee on Banking Supervision, Finance, History, Frankfurt, Credit Suisse, Projection, G7, Collective bargaining, Federal Reserve, Nikkei, Decision-making, Investment, Risk, ECB, AT1, Financial Stability Board, Growth, APP, Efficiency, Reproduction, Environment, European Commission, Bank of Japan, Cryptocurrency, Tourism, Renewable energy, Security printing, Mobile phone, Risk management, EU, Basel
Key Points: 

Quarterly Review

Retrieved on: 
Monday, May 1, 2023
Pressure, Fed, Private sector, Lion, Optimism, ICE, Policy, Fear, Silicon Valley Bank, Bank of England, Research, Great, Credit Suisse, Silicon, ABS, COVID-19, Risk, ECB, Update, AT1, Bank, Health, Environment, AA, Capital loss, Security (finance)

The Company announces that its quarterly review as at 31 March 2023 is now available, a summary of which is provided below.

Key Points: 
  • The Company announces that its quarterly review as at 31 March 2023 is now available, a summary of which is provided below.
  • The full quarterly review is available on the Company’s website at:
    Financial markets were volatile in the first quarter of 2023, driven by changes in expectations for inflation and interest rates and turmoil in the banking sector.
  • This roiled markets, sending AT1 bond prices plummeting, dragging with them other tiers of subordinated bank debt.
  • This brought relative stability back to markets and saw losses in the AT1 market largely reversed by the end of the quarter.

Wollmuth Maher & Deutsch Announces Initiative to Expand Representation of US-Based Holders of Credit Suisse AT1 Capital Instruments

Retrieved on: 
Tuesday, April 25, 2023
Deutsch, Credit Suisse, LLP, Quinn Emanuel Urquhart & Sullivan, UBS, Addition Financial, AT1, Security (finance)

NEW YORK, April 25, 2023 /PRNewswire/ -- Wollmuth Maher & Deutsch LLP is pleased to announce an initiative to expand the representation of holders of Credit Suisse's Additional Tier 1 ("AT1") capital instruments located in the United States.

Key Points: 
  • NEW YORK, April 25, 2023 /PRNewswire/ -- Wollmuth Maher & Deutsch LLP is pleased to announce an initiative to expand the representation of holders of Credit Suisse's Additional Tier 1 ("AT1") capital instruments located in the United States.
  • The initiative will further leverage the group of holders currently advised by Quinn Emanuel Urquhart & Sullivan, LLP and afford to holders of AT1 capital instruments, who have not yet had an opportunity to participate in the initiative to recover losses suffered following the announcement of the merger between UBS and Credit Suisse, an opportunity to participate.
  • Holders of Credit Suisse's AT1 capital instruments who are interested in participating should contact one of the Wollmuth Maher & Deutsch attorneys listed below:

KBRA Releases 12 Things in Credit: April 2023

Retrieved on: 
Wednesday, April 19, 2023
Banking, Professional Services, Finance, KBRA, AT1

KBRA releases topical and timely commentary on credit markets, compiled from our weekly podcast, 3 Things in Credit, hosted by our Chief Strategist, Van Hesser.

Key Points: 
  • KBRA releases topical and timely commentary on credit markets, compiled from our weekly podcast, 3 Things in Credit, hosted by our Chief Strategist, Van Hesser.
  • Among the wide-ranging topics Van has addressed over the past month are the likelihood of credit crunch, the smaller bank business model, and durability of the AT1 market.
  • Each week, we dig into and provide perspective on issues credit-market participants care about.
  • And look for our monthly published recap to catch up on what you might have missed.

Twelve Capital CIO comments on the current market situation and the expected impact on the insurance industry

Retrieved on: 
Thursday, March 23, 2023
Insurance, CIO, RT1, Environment, Credit Suisse, AT1, Bank, Risk management

ZÜRICH, Switzerland, March 23, 2023 (GLOBE NEWSWIRE) -- Urs Ramseier, CIO & Founding Partner at Twelve Capital, comments on the current market situation and the expected impact on the insurance industry.

Key Points: 
  • ZÜRICH, Switzerland, March 23, 2023 (GLOBE NEWSWIRE) -- Urs Ramseier, CIO & Founding Partner at Twelve Capital, comments on the current market situation and the expected impact on the insurance industry.
  • Persistent core inflation, uncertain economic growth, and rapidly raising interest rates have led some company-specific issues to surface.
  • In turn, these have caused widespread market volatility in both equity and fixed income markets.
  • Twelve Capital’s strong fundamental analytical capabilities and a selective investment approach are key in the current environment.

CREDIT SUISSE AT1s: Pallas Partners forming Investor Group

Retrieved on: 
Tuesday, March 21, 2023
Banking, Legal, Professional Services, Finance, AT1, FINMA, UBS, Chairman of the Federation Council (Russia), Credit, Partner, Federal Council, Credit Suisse, Insurance, Security (finance), Pallas

Pallas Partners LLP (“Pallas”) is building a group of holders of Credit Suisse’s Additional Tier 1 Bonds (“AT1s”) wiped out at the weekend as part of the Swiss government-mandated takeover of Credit Suisse by UBS.

Key Points: 
  • Pallas Partners LLP (“Pallas”) is building a group of holders of Credit Suisse’s Additional Tier 1 Bonds (“AT1s”) wiped out at the weekend as part of the Swiss government-mandated takeover of Credit Suisse by UBS.
  • Pallas is holding an investor call at 4pm UK / 12pm NY on Wednesday 22 March 2023 to discuss the group and the litigation strategy.
  • Investors will be eligible to join the investor group if they held AT1s as at 17 March 2023, or hold AT1s at present.
  • Pallas’ investor group will take place at 4pm UK / 12pm NY on Wednesday 22 March 2023.

Commerzbank reports highest net profit in more than ten years thanks to strong revenue performance – positive outlook for 2023

Retrieved on: 
Wednesday, February 22, 2023
Science Based Targets initiative, Central bank, Share repurchase, Government, Commerzbank, MBank, Federal Housing Finance Agency, MDA, Aggression, Board of Management St. Molaga's National School v The Secretary General of the Department of Education and Science, PSBC, Human, Investment, ECB, CO2, European Central Bank, Telephone, Face, Supervisory board, NPE, Ecosystem, SME, Research, Annual, CET, ESG, Risk, Science, Bank, Biodiversity, Common equity, Private, AT1, Annual general meeting, Environment, Rote, TLA, Cryptocurrency, Pharmaceutical industry, Renewable energy, Insurance

Thanks to a strong customer business and with the tailwind of higher interest rates, revenue momentum accelerated over the course of the year.

Key Points: 
  • Thanks to a strong customer business and with the tailwind of higher interest rates, revenue momentum accelerated over the course of the year.
  • “Commerzbank has delivered as promised: We achieved our strategic and financial goals in the 2022 financial year.
  • “At the halfway point of our transformation programme, we are on track to becoming the digital advisory bank for Germany.
  • It remains however optimistic that it will continue its strong business performance and thus make further progress towards its medium-term goals.