In a repeat of what happened to holders of Yes Bank’s AT1 bonds, the UBS takeover of crisis-hit Credit Suisse has rendered $17 billion-worth bonds issued by Credit Suisse worthless. As part of the deal brokered by the Swiss government, it was decided that the high-risk Additional Tier 1 (AT-1) bonds issued by Credit Suisse will be written down even as equity shareholders of the bank are reportedly set to receive one UBS share for every 22.48 Credit Suisse shares they hold.