Though the fact that this ia a CoCo is a red herring. I don't think it was singled out for bailin because it had a CoCo trigger (what Levin goes through at leng

Though the fact that this ia a CoCo is a red herring. I don't think it was singled out for bailin because it had a CoCo trigger (what Levin goes through at length), I believe it was bailed in because it was the most junior, non-common equity, instrument on the balance sheet (i.e. rank=junior subordinated). If the swiss authorities needed to do a bigger bailin to generate more equity, they could have also written off the next instruments in the investor hiearchy which are the T2 instruments (i.e. rank=subordinated). And if they needed even more they could have gone after the bailin bonds (i.e. rank=senior unsecured - in theory pari-passu to uninsured deposits but issued out of a different legal entity so they can be singled-out). None of which have CoCo triggers. The Fed could do the same with preference shares (rank=junior subordinated) issued by US banks that have no CoCo feature (US doesn't care about Basel regulations).