Back from the dead? Swiss court declares writeoff of Credit Suisse AT1s unlawful
A Swiss federal court has ruled that the decision to write off Credit Suisse’s Additional Tier 1 instruments, with a nominal value of SFr16.5bn (US$20.6bn), as part of its rescue by UBS in March 2023 was unlawful. The decision raises hopes for investors that they could recover losses and leaves market participants guessing as to the implications for UBS and Switzerland.
Beta looks to land IPO despite SEC turning off runway lights
Beta Technologies is the boldest of a trio of companies pursuing US IPOs despite the sustained government shutdown that means the lights are off at the US Securities and Exchange Commission.

Banks back jumbo debt package for BASF Coatings
Bank of America and Morgan Stanley are among the banks to have underwritten a financing package of around €4bn to back the acquisition of a majority stake in BASF Coatings by The Carlyle Group and the Qatar Investment Authority. The debt is expected to be sold down through leveraged loans and high-yield bonds, in euros and US dollars.

Prasad Gollakota
Swiss authorities and the country’s largest bank are in a standoff. Earlier this year, Switzerland’s banking supervisor, Finma, put forward a proposal to force UBS to hold tens of billions of Swiss francs more in capital. Swiss politicians and regulators say that, in the wake of the collapse of Credit Suisse, they have no choice but to harden the system, protect taxpayers and ensure that UBS and the broader Swiss economy can weather any potential economic or banking crisis. Some reports suggest that UBS will be required to hold up to SFr21bn (US$26bn) in extra capital.
Nightmare on Laupenstrasse
The bosses of UBS and the Swiss political and financial authorities might want to avoid watching any horror films this weekend, or else the plot – the undead rising from the grave to stalk the still living – might remind them uncomfortably of a lower Swiss court’s shock decision to breathe some life into the corpse of Credit Suisse and its apparently long dead AT1 bonds.
Continue ReadingA Swiss federal court has ruled that the decision to write off Credit Suisse’s Additional Tier 1 instruments, with a nominal value of SFr16.5bn (US$20.6bn), as part of its rescue by UBS in March 2023 was unlawful. The decision raises hopes for investors that they could recover losses and leaves market participants guessing as to the implications for UBS and Switzerland.
Roaring capital markets helped the top five US banks easily beat third-quarter earnings expectations and create an atmosphere of excitement, not only for the rest of 2025 but for 2026 as well.

Hong Kong equities traders are enjoying their most profitable year on record as a remarkable rally in local stocks, renewed interest from international investors and booming equity capital markets have driven a surge in client activity.

Private equity firms are hopeful they may have at last turned a corner in their efforts to offload an enormous backlog of stuck assets, with many optimistic that a rebound in mergers and acquisition activity could at last offer a viable route to exit investments and return cash to increasingly impatient clients.
Supply in the US asset-backed market was modest during the week of October 13, with the bond market closed on Monday for Columbus Day and dealmakers preparing to head to the annual ABS East conference held at the Fontainebleau Hotel in Miami from October 20 to October 22.
Islamic finance fintech StrideUp plans to become a regular issuer of public RMBS offerings after pricing its debut securitisation of Sharia-compliant mortgages, amid increasing demand from underserved Muslim borrowers, CEO Sakeeb Zaman told IFR.
CNH Industrial Capital Australia attracted a wider pool of investors for its latest ABS offering, the upsized A$500m (US$325m) CNH Industrial Capital Australia 2025-1, a securitisation of agricultural and construction equipment goods mortgages, finance leases and hire purchase agreements.

Tokyo Metropolitan Government has bolstered the emerging resilience bond sector with the first issue certified under the Climate Bonds Initiative’s new resilience taxonomy.
With geopolitical tensions rising and the US's security guarantee for allies slipping, Luxembourg has accelerated the emergence of a labelled defence bond with the first sovereign framework for the use-of-proceeds instrument. The tiny but Triple A rated European Union member state plans an inaugural deal as early as January to support increased spending on military technology.
Multilateral development banks, development finance institutions, commercial banks and institutional funds are working together to unlock billions of dollars of private financing to address the climate adaptation finance gap, especially in emerging markets, where investments yield higher environmental and social impact per unit of capital employed.
Trade bodies representing the global loan market have published a new transition loan guide that offers a framework for high-emitting companies to raise credible transition-labelled financing to fund decarbonisation.

Water-themed issuance hit a new high across international debt capital markets on Thursday as borrowers closed as many as three new blue bonds totalling nearly US$350m-equivalent, as well as marketing significant new green and resilience issues with water-related uses of proceeds.

Beta Technologies is the boldest of a trio of companies pursuing US IPOs despite the sustained government shutdown that means the lights are off at the US Securities and Exchange Commission.

Hong Kong's red-hot IPO market and Beijing’s policy support have drawn an increasing number of Chinese IPO candidates to the city, leaving domestic stock exchanges feeling left out.

The differing listing outcomes of LG Electronics India and Tata Capital highlighted that Indian investors are chasing quality growth.
UAE classified advertising platform Dubizzle has launched its long-awaited Dubai IPO that is expected to reach a valuation of around US$2bn-equivalent.

Chinese lenders are recalibrating their approach to the Belt and Road Initiative, strategically deepening their footprint in the Middle East while shifting from traditional infrastructure lending towards a more risk-aware and commercially driven approach.
Bank of America and Morgan Stanley are among the banks to have underwritten a financing package of around €4bn to back the acquisition of a majority stake in BASF Coatings by The Carlyle Group and the Qatar Investment Authority. The debt is expected to be sold down through leveraged loans and high-yield bonds, in euros and US dollars.
Multilateral development banks, development finance institutions, commercial banks and institutional funds are working together to unlock billions of dollars of private financing to address the climate adaptation finance gap, especially in emerging markets, where investments yield higher environmental and social impact per unit of capital employed.
Trade bodies representing the global loan market have published a new transition loan guide that offers a framework for high-emitting companies to raise credible transition-labelled financing to fund decarbonisation.

Read the latest stories from the magazine IFR 2605 - 18 Oct 2025 - 24 Oct 2025
18 Oct 2025 - 24 Oct 2025