Credit Suisse is exiting its distressed debt and special-situations trading operations, part of its broader strategic exit from risky and capital-intensive businesses. As per Bloomberg sources, Credit Suisse is selling a bond and loan positions from its books that are related to distressed companies, with a market value of about $250mn. Also, the bank’s special situations and loan trading team could also be transferred to any firm that buys the assets, the sources noted. Credit Suisse at one point was among the biggest players in distressed debt, and the latest move, a part if its strategy update in October, will help them allocate capital elsewhere. At that time it said that it seeks to reduce leverage exposure in fixed income trading by $20bn.

Credit Suisse’s dollar bonds were trading slightly lower – its 9.75% Perp was down 0.9 points to 90.8 cents on the dollar, yielding 12.6%

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