SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Credit Suisse is said to be in early stages to strengthen its capital after losses have impacted the company in recent quarters, as per sources. The anonymous sources note that the size of the increase is likely to exceed CHF 1bn ($1.04bn). The mode of raising capital is not known yet – selling shares to existing investors or to all shareholders is one of the options. A sale of a business, such as Credit Suisse’s asset management division is another possibility, as per reports. Credit Suisse however, in a statement said that it was “currently not considering raising additional equity capital”. It CET1 ratio stood at 13.8% in end-March 2022, down 60bp QoQ.

Credit Suisse’s dollar bonds were slightly higher – its 5.25% Perp was up 0.3 points to 86.85, yielding 8.72%.

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