The merging of Credit Suisse and UBS makes the front page of the Financial Times with the paper saying the union has angered bondholders and international regulators.

The paper focuses on Switzerland’s government coming under fire from bondholders and international regulators for its handling of the £3.2bnrescue takeover of Credit Suisse by UBS. 

It says that forcing those two banks together wiped out $17bn of Credit Suisse’s bonds as the decision to favour shareholders at the expense of bondholders sent a shockwave through already brittle markers on Monday.