Bondholders usually outrank shareholders in the event of a restructuring or bankruptcy. But Credit Suisse AT1 owners ended up empty-handed, which unleashed a wave of selling in this kind of debt in the European market.
Fed funds futures imply about a 1-in-4 chance of the Fed pausing on Wednesday, according to CME’s FedWatch tool, while markets are divided evenly on the prospect of a hike in Britain when the BoE meets on Thursday, March 23.
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