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There is no crock of equity gold at the end of the rainbow
Creditors can and will be bumped down the pecking order at the time when it matters most
Restructuring takes step towards conclusion
Public markets have proven to be often just as illiquid, leading to a convergence in approach
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The €210m and €80m loans do not herald a wider array of new money transactions -
After only three years away, Ermotti is back and may need a big hitter to handle combined investment bank
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Slightly more activity is expected in levfin, but no new money deals are on the horizon
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Deals go ahead though market participants 'nervous'
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When the storm comes, capital instruments are chaff in the wind
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Overlap between banks is tempting to rivals, as UBS works out new strategy
