Credit Suisse successfully raised CHF 2.24bn ($2.4bn) via its rights issue as part of its overall $4bn capital raising plan. As per Reuters, Shareholders exercised 98.4% of their subscription rights. CEO Ulrich Koerner said, “It will allow us to further support our strategic priorities from a position of capital strength and create a simpler, more stable and more focused bank”. Only 16.4mn shares were unsold in the rights issue and these are expected to be sold on the open market at or above CHF 2.52/share ($2.7), Credit Suisse said.
CS’s dollar bonds were trading flat with its 9.75% Perp at 88.63, yielding 13.16%