KUALA LUMPUR (April 1): The collapse of four banks — SVB, Signature Bank and Silvergate Capital in the US, as well as Switzerland’s second largest bank Credit Suisse Group AG — in just 11 days has caused jitters worldwide.

Credit Suisse’s failure, which led to the write down of its 16 billion Swiss francs (US$17 billion) contingent convertible (CoCo) bonds or additional tier 1 (AT1) capital, turned the spotlight on these instruments. They are typically issued by financial institutions to raise capital, and are designed to convert to equity or be written off in the event of a specified trigger, such as a significant decline in the bank's capital ratios.

The rapid shift to higher US interest rates after more than a decade of low and near-zero rates, is seen as the underlying cause of recent global banking turmoil.

How resilient are Malaysian banks and the ringgit amid this volatility?

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