The takeover of Credit Suisse by UBS included pulling the pin on $17 billion of risky CoCo bonds, also known as Additional Tier 1s (AT1s), and sending shockwaves through global debt markets. In this episode of the Credit Edge Podcast, Tasos Vossos, who covers credit markets for Bloomberg News in London, weighs the impact of the Swiss bank’s demise and the collapse of its AT1s. And Bloomberg News senior editor James Crombie asks Bloomberg Intelligence analyst Jody Lurie about funding risks for highly-indebted companies in the cruise, gaming and lodging sectors. As interest rates surge and earnings slump, junk-rated borrowers are exposed, but there are some hotel diamonds in the rough.

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