Not all Credit Suisse bondholders are nursing heavy losses – senior bondholders are counting the gains instead on the back of double-digit surges after the UBS takeover.

Junior bondholders are reeling from a controversial wipeout of $17bn in AT1 bonds but the picture was the flipside for senior bonds – more than 40 issued by Credit Suisse moved up more than 20% this week after the historic 19 March deal.