Initial indicative results of Credit Suisse’s planned ~$3bn buyback were released, where only roughly half of its bondholders tendered their bonds. The bank which had offered to buy back up to $2bn of its dollar bonds saw ~$1.2bn of its notes being accepted for purchase with the tender offer ending at the end of this week. It bought back €286m ($279.6mn) of its EUR and GBP denominated bonds after having offered to buy back up to ~$980mn of their notes. “The benefits are clear for CS, and it was a signal that its liquidity was strong in an effort to calm the market, which it did, but I don’t think the terms were very attractive for bondholders”, said Simon Adamson, CEO of CreditSights London.
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