Good morning from #Germany where German banks have direct financial exposure to #Switzerland's banks of at least $11.5bn. Thus, there are likely to be some casualties affected by the wipeout of Credit Suisse CoCo bonds of the volume of $17bn.
@Schuldensuehner German banks that have joined the green religion will be punished for going woke. Don't complain that you haven't been warned.
@Schuldensuehner Are you suggesting German banks are holding CS COCOs in their names as principals?
@Schuldensuehner Our governments and their central banks have created this environment and should take their responsibilities, but politicians blame others for their own creations.
@Schuldensuehner I thought banks were not allowed to hold these AT1 coco bonds of other banks, in practice at least, by risk regulations. Is this not true?
@Schuldensuehner The dominos are falling and getting bigger. What happens when the last domino falls.
@Schuldensuehner These bonds mainly owned by hedge funds or high net worth individuals