The Swiss government has brokered an emergency takeover of Credit Suisse by rival bank UBS. Experts are calling it the ‘most dramatic moment in global banking’ since the 2008 crisis. The deal was worth $3.2 billion, that’s 6% less than what Credit Suisse was worth last Friday and wiped out $17 billion in additional tier 1(AT1) bonds. So what are AT1 bonds? AT1 bonds were created after the 2008 financial crisis when the banking industry became more regulated. They are a type of hybrid debt issued by banks. AT1 bonds can offer high returns. Watch to learn more about how the AT1 bonds were related to the Credit Suisse crisis.