by Amruth Sundarkumar | May 19, 2023 | Banks, Distressed / Defaulted Bonds, Financial Institutions, Perpetual Bonds
Credit Suisse’s bondholders have now forced FINMA, the Swiss regulator that ordered the write-off of its notes, to disclose details on the order. This comes after bondholders holding ~$4.5bn of its AT1s filed a lawsuit having been left in the dark regarding the...
by Amruth Sundarkumar | May 17, 2023 | Banks, Financial Institutions
UBS estimated that it would see a negative goodwill of about $34.8bn upon its acquisition of Credit Suisse. This would help it absorb potential losses estimated at $17bn and could also result in a boost to UBS’s Q2 profits. UBS expects to take a $13bn hit from...
by Amruth Sundarkumar | May 9, 2023 | Banks, Financial Institutions, Perpetual Bonds
Over 100 Singapore-based investors in Credit Suisse’s AT1s have joined a class action lawsuit to recover ~$100mn in losses. These investors have joined the suit under law firm Withers and the number of investors are increasing daily. As per BT, these investors,...
by Amruth Sundarkumar | May 3, 2023 | Banks, Financial Institutions, Perpetual Bonds
More details have emerged on the lawsuits filed by Credit Suisse’s AT1 bondholders against the Swiss regulator FINMA. Pallas Partners, a law firm had filed a suit in a Swiss court on April 18 – they said that FINMA had no right to order the write-down and...
by Amruth Sundarkumar | Apr 25, 2023 | Banks
Credit Suisse reported significant outflows of about $69bn during its first quarter results following its collapse and subsequent emergency rescue by UBS. The outflows were about 5% of the group’s AUM as of end-2022, where deposit outflows were 57% of the net outflows...
