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Credit Suisse Launches $3bn Tender Offer on USD & EUR Bonds
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...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Markets saw a big risk-off move on Wednesday following panic and concerns over Credit Suisse, whose stocks and bonds plummeted to fresh lows (more details below). The selloff soon spread to the broader banking sector as the STOXX Europe 600 Banks Index ended almost 7%...
Lippo Accepts $120mn of 2025s/2026s in Tender
Indonesia’s Lippo Karawaci repurchase a total of $120mn of its 2025s and 2026s as part of its tender offer (Term of the Day, explained below) launched on March 6, as per IFR. This is more than twice the initial maximum acceptance amount of $50mn announced at the time...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields rose across the curve on Tuesday following the CPI print. US CPI for February came at 6.0%, in line with expectations and lower than last month's 6.4% print. Core CPI came at 5.5%, in line with the surveyed number and lower than last month's 5.6%...
Credit Suisse’s Bonds Drop ~5% Across the Curve; CDS at New High of 550bp
Credit Suisse's (CS) bonds took another beating on Tuesday following a 10-15% fall in its AT1 perps on Monday. Tuesday's down move spread to its senior bonds as well, led by its 4.282% 2028s down 4.8 points to 77.63 currently, yielding 10.29%. This came after the...
SoftBank Bonds Slip Following SVB Collapse
SoftBank’s bonds slumped and CDS spreads spiked following the collapse of Silicon Valley Bank (SVB). The move comes as market participants evaluate its exposure to SVB, given that the Son-led company has more than $140bn invested into startups. SoftBank’s 5.25%...
Fosun to Sell 60% Stake in Nanjing Nangang for $2bn
Chinese conglomerate Fosun International announced that it will be offloading its 60% stake in Nanjing Nangang Iron & Steel United to Jiangsu Shagang for RMB 13.58bn ($1.98bn). This comes after the initial announcement in October last year and translates to a gain...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Monday saw another flight to safety move in the US with the 2Y Treasury yield falling a strong 23bp to 4.13% and the 10Y easing 11bp to 3.56%. The over 100bp drop in the 2Y since last Thursday is the largest 3-day drop in yields since the 1987 stock market crash. This...
Bank AT1 Perps Slip Following SVB Collapse
Monday saw a massive selloff in banks' bonds, with the move most prominent in AT1 perpetuals. This followed the collapse of Silicon Valley Bank (SVB) in the US over the weekend. Among the prominent banks, losses were led by Credit Suisse AT1s, which were down by up to...
