AT1 Credit Suisse bonds: final window of opportunity to file an appeal?

In an article published this morning in Le Temps (online and to appear in Monday’s print edition), Thomas Goossens comments on the current period — presumably open until 13 November — during which Credit Suisse AT1 bondholders, who have not yet contested the FINMA decision of 19 March 2023 to write off their instruments, could still be recognized the right to file an appeal before the Swiss Federal Administrative Court (FAC).

It could indeed be represented that the partial judgment of the FAC made public on 14 October 2025, in which the federal court expressly recognized the bondholders’ standing to appeal — denied so far by FINMA — may constitute a last window of opportunity for affected bondholders to assert their rights in these administrative proceedings. The key issue in these potential appeals lies in the fact that, unless the FAC decides otherwise, any forthcoming judgments would only benefit investors who have actually filed an appeal. The TAF press release (available in English) is accessible here.