Riskiest Bonds for Some Asian Banks Fall by Record on Credit Suisse Deal

(Bloomberg) — The riskiest bonds of European lenders are plunging after holders of Credit Suisse Group AG’s contingent convertible securities suffered a historic loss as part of its takeover by UBS Group AG.

Perpetual notes issued by Deutsche Bank AG, Unicaja Banco SA, Raiffeisen Bank International and BNP Paribas SA all dropped by more than 10 points on Monday. Deutsche Bank’s 650 million pound 7.125% note dropped more than 14 pence to about 66, its biggest-ever one-day drop. Most other European lenders’ AT1s fell to record lows.