Those poor fools got a premium rate for this to happen. Like, the entire point of AT1 bonds is this can happen. Other banks have AT1 bonds, and I think they hav

Those poor fools got a premium rate for this to happen. Like, the entire point of AT1 bonds is this can happen. Other banks have AT1 bonds, and I think they have also been written down. Far from the Swiss government pulling a bait and switch, the point of AT1 bond is to have privatized safety net like how it is being used.