There has been much ado about additional Tier 1 instruments (AT1s) in the wake of the wipeout of CHF16 billion worth of AT1s issued by Credit Suisse Group AG (Credit Suisse) ordered by the Swiss Financial Market Supervisory Authority. We set out below a brief on what AT1s are and what has happened to Credit Suisse's AT1s, and share our views on locally-issued AT1s and the stance of the Monetary Authority of Singapore.
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