by Amruth Sundarkumar | May 24, 2023 | Credit Ratings, Financial Institution Bonds, Financial Institutions
SoftBank was downgraded to BB from BB+ by S&P and its subordinated notes to B from BB-. The rating agency said that SoftBank has “become more susceptible to the external environment” than previously expected. Its investments in global tech companies...
by Arundhati Behera | Mar 21, 2023 | Financial Institution Bonds, Financial Institutions
A rare Credit Suisse (CS) Tier 2 CoCo (contingent convertible) bond topped our gainers list this morning, despite having similar trigger and write-down clauses as their AT1s that were wiped out the previous morning. The $2.5bn 6.5% bonds due August 2023, issued a...
by Raahil Shah | Mar 21, 2023 | Financial Institution Bonds
AT1 perpetual bonds have been in focus today following Credit Suisse’s announcement of a complete write-down of over $17bn of its AT1 bonds. Investors and advisors are now looking at their own/clients’ existing bank bond holdings to check whether (a) the...
by Raahil Shah | Mar 20, 2023 | Financial Institution Bonds
In the latest development in the Credit Suisse (CS) turmoil, UBS Group has agreed to takeover CS for a consideration of CHF 3bn ($3.3bn). This comes after several rounds of intense discussion and negotiation along with the regulators over the weekend. The all-share...
by Arundhati Behera | Mar 17, 2023 | Financial Institution Bonds, Financial Institutions
Shortly after its stock and bonds plummeted on Wednesday, Credit Suisse announced that it will be exercising its option to borrow up to CHF 50bn ($54bn) from the Swiss National Bank to boost its liquidity. Credit Suisse also announced a tender offer of over $3bn to...
by Raahil Shah | Mar 16, 2023 | Financial Institution Bonds, Financial Institutions
Swiss lender Credit Suisse (CS) saw a fresh round of selling in its stock and bonds on Wednesday amid heightened concerns over its financial position. While CS has been marred by a string of negative news since September last year, the most recent selloff was...
