CoCo pops. Only half price?

Tuesday morning follow-up with a quick thought on bank capital.

—For those with no interest in bank capital, please scroll down to picture of the 🐿️ being shot at by The Agents from The Matrix (if that doesn't make you curious I give up!)—

I did not devote any time to the Credit Suisse ‘take-under’ by UBS in my weekend note. A wry smile passes the lips of the 🐿️ as, for most of my career on the sell side, it was typically the ‘other Swiss bank’ that was having close shaves with the Grim Reaper. I wish friends and former colleagues at both shops well.