Time (and great Swiss litigators) will tell whether there is any merit in litigation following the weekend’s news on Credit Suisse. But the AT1s holders would be well advised to scrub the terms and conditions of each of the AT1s themselves.

Some appear to have different accrued interest mechanics in the event of a write-down and potentially are inconsistent with the Official Notice published over the weekend saying that all accrued interest would be written down.

Clearly something to diligence and work with Swiss counsel, but it would be interesting to know if the accrued interest from December last year is owed to noteholders.

Of course it could have been paid already – difficult to get a definitive answer. But at the low prices we’re hearing at which the AT1s are trading, these differences in legal terms could be material.