Swiss bank rescue threatens Western bond market

Credit Suisse was forced to write down billions worth of bonds as part of its merger with UBS The merger between Switzerland’s two largest lenders, the embattled Credit Suisse and UBS, could have a negative impact on the entire Western bond market, Bloomberg reported on Monday, citing analysts. UBS agreed on Sunday to acquire its rival, which was on the brink of insolvency due to the loss of investor and customer confidence, for 3 billion Swiss francs ($3.24 billion) in stock. The deal, brokered by the Swiss authorities, came with a 9-billion-franc government guarantee for potential losses from Credit Suisse asset

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