AT1 have precedence in liquidation over shares, yet the shareholders did not lose “everything”, while AT1 were wiped out.. that’s the main point here.

This is a very risky precedence as this will mean other companies will have to raise their interest on AT1 moving forward to get investors to put money into them, as the order of liquidation has been turned around here and this could happen again. If with AT1 possibly with other bonds as well. Or why follow any order if contracts can so easily be ignored?

I am sure this will cause a couple of lawsuits with some pretty pissed investors.. yes, they would still have lost some money if the order had not been changed, but not as much. Getting “some” is still better than getting “nothing” back. Shareholder kept over 3B. That shouldn’t have been the case according to the liquidation structure, even taking the “risk” of AT1 into consideration.