Big Picture Takeaways From The Credit Suisse Bond Wipeout

Crises have a tendency to shine a light on what, to laypeople anyway, are esoteric corners of the market. I think that's a silver lining. Everyday investors are compelled to expand their horizons. On Monday, AT1s made an exceedingly rare cameo above the proverbial fold, and even made their way into a handful of broader mainstream media coverage (i.e., outside of the financial media sphere). That was courtesy of Swiss authorities' decision to wipe out one class of creditor as part of a shotgun m

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One thought on “Big Picture Takeaways From The Credit Suisse Bond Wipeout

  1. It’s not the government’s job to make banking a lucrative business. I always hated coco’s -even though in the arbitrage world there are no bad securities, only bad prices…Some people think the road to hell is frequently paved with positive carry. To me, the prospect of owning negative gamma is totally screwed up, period. We have invented so many solutions that are worse than the problem…

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