Shortly after its stock and bonds plummeted, 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 buyback some of its senior dollar and euro denominated bonds. Credit Suisse said in its press release, “The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of current trading levels to repurchase debt at attractive prices.”

The ten dollar bonds CS is offering to buyback are:

  • 1% May 2023s (US22550L2D25) at $980
  • 0.52% August 2023s (US22550UAD37) at $970
  • FRN August 2023s (US22550L2F72) at $950
  • 0.495% February 2024s (US22550L2E08) at $900
  • FRN February 2024s (US22550UAB70) at $950
  • 4.75% August 2024s (US22550L2J94) at $950
  • 3.625% September 2024s (US22546QAP28) at $925
  • 3.70% February 2025s (US22550L2H39) at $925
  • FRN February 2025s (US22550UAF84) at $900
  • 2.95% April 2025s (US22550L2C42) at $900

The buyback prices stated above are per $1,000 in principal plus accrued interest. Some of the bonds moved higher on Thursday; however, most still trade below the tender offer prices. For instance, the 4.75% August 2024s are currently trading at 89.5, up ~4.87 points on Thursday but still below the tender offer price of 95. With regards to the euro bonds, it is offering to buyback:

  • 1% 2023s (XS1428769738) at €990.00
  • FRN 2023s (XS2381633150) at €992.50
  • 2.125% 2024s (XS2480543102) at €960.00
  • FRN 2024s (XS2480523419) at €980.00

The buyback price stated above is per €1,000 in principal plus accrued interest.

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