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 Amruth Sundarkumar | May 23, 2023 | Financial Institutions
AIG has said that it will sell its entire reinsurance business to RenaissanceRe Holdings for about $2.99bn. AIG will receive $2.74bn in cash and $250mn in common stock for its Validus Re, AlphaCat and Talbot Treaty reinsurance businesses. The offloading of its...
by Amruth Sundarkumar | May 19, 2023 | Banks, Distressed / Defaulted Bonds, Financial Institutions, Perpetual Bonds
Credit Suisse’s bondholders have now forced FINMA, the Swiss regulator that ordered the write-off of its notes, to disclose details on the order. This comes after bondholders holding ~$4.5bn of its AT1s filed a lawsuit having been left in the dark regarding the...
by Amruth Sundarkumar | May 17, 2023 | Banks, Financial Institutions
UBS estimated that it would see a negative goodwill of about $34.8bn upon its acquisition of Credit Suisse. This would help it absorb potential losses estimated at $17bn and could also result in a boost to UBS’s Q2 profits. UBS expects to take a $13bn hit from...
by Amruth Sundarkumar | May 9, 2023 | Banks, Financial Institutions, Perpetual Bonds
Over 100 Singapore-based investors in Credit Suisse’s AT1s have joined a class action lawsuit to recover ~$100mn in losses. These investors have joined the suit under law firm Withers and the number of investors are increasing daily. As per BT, these investors,...
by Amruth Sundarkumar | May 5, 2023 | Banks, Financial Institutions, Perpetual Bonds
US financial institutions’ perps led by banks fell across the board yesterday as banking sector fears continue to weigh on markets. Perps of PNC Financial Services, US Bancorp, Charles Schwab, Goldman Sachs and several others took a hit, falling 3-6%. Bloomberg...
