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 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...
by Arundhati Behera | Mar 14, 2023 | Banks, Financial Institution Bonds, Perpetual Bonds
Monday saw a massive selloff in banks’ bonds, with the move most prominent in AT1 perpetuals. This followed the collapse of Silicon Valley Bank (SVB) in the US over the weekend. Among the prominent banks, losses were led by Credit Suisse AT1s, which were down by...
by Arundhati Behera | Mar 10, 2023 | Banks, Perpetual Bonds
Credit Suisse’s perps fell by 1.5-2 points after it postponed the publication of its annual report following a last-minute call from the US SEC. The SEC raised questions regarding the group’s earlier financial statements. The SEC wanted to enquire into a...
by Arundhati Behera | Mar 7, 2023 | Financial Institutions, Perpetual Bonds
Credit Suisse’s dollar perps were down by up to 1 point after news came out that investment firm Harris Associates sold its entire stake in the Swiss banking group. Harris Associates was the largest shareholder for several years and cut its 10% stake by half...
