NEW YORK, April 3 (Reuters) - Some holders of Credit Suisse AT1 bonds that were wiped out as part of the bank's state-backed merger with UBS have instructed law firm Quinn Emanuel Urquhart & Sullivan to represent them for discussions with Swiss authorities and possible litigation to recover losses.
The bondholder group holds a "significant percentage of the total notional value" of the AT1 bonds, the law firm said in a statement on Monday. The group includes large institutions that invested in the bonds long before the merger, it said.
AT1 bonds are the riskiest type of debt banks can issue, ranking immediately after equity in the event of losses. That hierarchy was overturned by Swiss regulators who wiped out $17 billion of Credit Suisse's AT1 debt under its takeover by UBS last month. (Reporting by Davide Barbuscia; Editing by Chizu Nomiyama)
