Credit Suisse’s turnaround plans were flagged out by analysts at Citigroup and RBC Capital Markets. Citi’s analysts noted that there was “little conviction” in the lender’s plan, “based upon the current limited disclosure and recent company track-record”. They added that the Swiss lender could incur “a heavy loss” in 2023 on restructuring charges, and probably breakeven in 2024. RBC on the other hand expects 2023 and 2024 to be a period of “transition”.

Credit Suisse’s bonds were trading broadly stable but have moved lower this week. Its 9.75% Perp down 2.5 points this week to currently trade at 89.21, yielding 12.99%.

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