The wipeout of $17bn of Credit Suisse bonds has thrown into question further issuance in the market for risky bank debt, with some of Asia’s biggest banks considering pausing sales.
Major banks in Japan, Singapore and Hong Kong are placing new additional tier 1 (AT1) bond deals on hold until market conditions stabilise, according to people familiar with the plans.
The hiatus follows three days of turmoil triggered by the decision to write down the value of Credit Suisse’s AT1 bond to zero as part of the bank’s takeover by Swiss rival UBS, while shareholders received $3.25bn. AT1s are a class of debt designed to take losses when institutions run into trouble but are generally believed to rank ahead of equity on the balance sheet.
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