they certainly didn't prepare. credit suisse's credit default swaps (insurance on bonds) skyrocketed last week. i don't work in finance so i don't know if CDS s

they certainly didn't prepare. credit suisse's credit default swaps (insurance on bonds) skyrocketed last week. i don't work in finance so i don't know if CDS specifically covers this AT1 tier of bonds but seems like people were caught off-guard and were willing to pay up in a big way in order to mitigate a total loss.