Cocos should have converted to shares, which would have probably doubled / trebbled / more the float, then the proceeds of the sale disbursed. Either way would have been ~10c in the dollar for all parties? Either way a CoCo is not the same product (from the perspective of a buyer) as it was assumed to be last week.
It does look a bit like they have just done the full cycle of insolvency to bankruptcy to selling off the pieces and distributing the proceeds in a 48 hour window. UBS are (effectively) not buying "Credit Suisse", they are buying the post bankruptcy assets (which somehow had a market cap of ~7bn at the close of market trading and Friday).
Obviously for a to-big-to-fail bank you cant go through all the steps.
It does look a bit like they have just done the full cycle of insolvency to bankruptcy to selling off the pieces and distributing the proceeds in a 48 hour window. UBS are (effectively) not buying "Credit Suisse", they are buying the post bankruptcy assets (which somehow had a market cap of ~7bn at the close of market trading and Friday).
Obviously for a to-big-to-fail bank you cant go through all the steps.