It’s been a hectic week, so we won’t offer our take on the Credit Suisse AT1 debate (if that’s what you want, see our latest coverage and also check out this article). For now, let’s skip right to what UBS’s acquisition could mean for the CS levfin franchise.

For years, this group has been a reliable factory for deals in the belly of the ratings spectrum, but it’s unclear if that fits into UBS’s post-acquisition gameplan.