Credit Suisse’s AT1 Bond Crash Fueled HDFC Leadership Crisis

Shortly before midnight on the eve of a bank holiday in India, HDFC Bank Ltd., a favorite among global investors, stunned the market by announcing the abrupt exit of its chairman. One line in the statement jumped out: Atanu Chakraborty resigned over “ethical” differences with the bank going back two years.

Left unsaid was what exactly Chakraborty meant.