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Standard Chartered CEO skeptical of Credit Suisse AT1 bond wipeout

Bill Winters says 3 failed banks 'would appear to have been solvent'

Standard Chartered has seven AT1 bonds outstanding with an aggregate value of around $7.5 billion as of the end of last year. (Photo by Kenji Kawase)

HONG KONG -- Standard Chartered Group Chief Executive Bill Winters raised doubt over the $17.5 billion wipeout of Credit Suisse's additional tier 1 (AT1) class bonds, expressing skepticism over whether the Swiss lender was actually insolvent.

Winters was speaking on a panel hosted by the Hong Kong Monetary Authority and the Bank of International Settlement on Friday. When asked to reflect on the recent failure of three banks -- Silicon Valley Bank, Signature Bank and Credit Suisse -- he said, "My observation of the three banks that failed is that they would appear to have been solvent."

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