Credit Suisse’s perps fell by 1.5-2 points after it postponed the publication of its annual report following a last-minute call from the US SEC. The SEC raised questions regarding the group’s earlier financial statements. The SEC wanted to enquire into a “technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls”. Credit Suisse’s management said that while its 2022 financials “are not impacted”, it would be prudent for them to “briefly delay the publication” of its annual results.

Reuters notes that the bank had revised how it booked a series of cash flows, that included share-based compensation and forex hedges. Analysts said that the news does not help investor sentiment nor in rebuilding trust, especially after the group’s recent strategic overhaul.

Credit Suisse’s 7.25% Perp fell 2.2 points to 69.22, yielding 24.45%. Its 9.75% Perp fell 1.6 points to 85.88, yielding 14.26%.

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