(Bloomberg) -- DoubleLine Capital’s Jeffrey Gundlach said Credit Suisse Group AG’s bondholders, who are irate after the takeover by UBS Group AG wiped out about 16 billion Swiss francs ($17.3 billion) of risky notes, have only themselves to blame.

Debt owners who “foolishly kept holding Credit Suisse’s bail-in bonds” need to “look in the mirror,” the billionaire money manager said in a tweet. “Learn how to manage risk!”

The deal will trigger a “complete write-down” of the bank’s additional tier 1 notes in order to increase core capital, Swiss financial regulator Finma said. Shareholders are set to receive 3 billion francs — sparking a furious response from some of Credit Suisse’s AT1 debt owners.

Read more on how Credit Suisse’s risky bonds are now worthless

In a typical writedown scenario, shareholders are the first to take a hit before AT1 debt faces losses. The bond wipeout, the biggest loss yet for Europe’s $275 billion AT1 market, triggered a plunge in other banks’ notes in Asia on Monday. 

Goldman Sachs Group Inc. traders were preparing to take bids on claims against the Credit Suisse notes, people with knowledge of the matter said. 

Gundlach is the chief investment officer of DoubleLine, which manages more than $92 billion in assets. He founded the firm in 2009 after a bitter split from TCW Group. DoubleLine’s Total Return Bond Fund gained 1.46% in the first two months of this year, its website shows. 

Gundlach also tweeted about the outlook for US bonds, saying the yield on 10-year Treasuries will head “much lower” if it breaches the 3.37% level. “May you live in interesting times,” he wrote.

For more on Credit Suisse in Crisis, click here for our TOPLive blog.

(Updates with comment on bonds in the last paragraph)

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