MUFG confirms sale of Credit Suisse AT1 Bonds to meet customer demand for portfolio diversification
1 year, 8 months ago

MUFG confirms sale of Credit Suisse AT1 Bonds to meet customer demand for portfolio diversification

Live Mint  

In an effort to address customer demand for portfolio diversification, Mitsubishi UFJ Financial Group Inc. said its brokerage venture sold Credit Suisse Group AG's riskiest bonds. The firm continues to examine its sales practices for these products, known as Additional Tier 1 notes, said Shinjiro Yamamoto, managing executive officer of Mitsubishi UFJ Morgan Stanley Securities Co., in a meet held in Tokyo today in an effort to address these transactions. “We started selling AT1 notes of this European financial institution after seeing customer demand for portfolio diversification” in issuers and regions, Yamamoto said. According to a release, Mitsubishi UFJ Morgan Stanley Securities' net income nearly doubled to 13 billion yen in the fourth quarter compared to the same period of the previous financial year.

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Australia Moves Ahead to Scrap AT1 Bonds After Credit Suisse Hit
1 month ago

Australia Moves Ahead to Scrap AT1 Bonds After Credit Suisse Hit

Live Mint  

-- Australia’s banking regulator is pushing ahead to scrap the market for contingent convertible securities, despite some concerns, becoming the first country to phase out the securities that were wiped out after the collapse of Credit Suisse last year. The Australian Prudential Regulation Authority said Monday it will phase out the use of Additional Tier 1 capital instruments with what …

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger
1 year, 8 months ago

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger

Hindustan Times  

Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank's earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. The bank also reported deceptively bloated net profits for the quarter, Read here: Credit Suisse rescue package rejected by Swiss parliament Switzerland's long-time second largest bank …

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger
1 year, 8 months ago

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger

Hindustan Times  

Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank's earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. The bank also reported deceptively bloated net profits for the quarter, {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Read here: Credit Suisse rescue package rejected by Swiss parliament {{^usCountry}} …

Credit Suisse investors sue after facing billions in losses
1 year, 8 months ago

Credit Suisse investors sue after facing billions in losses

Associated Press  

LONDON — A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs in higher-risk Credit Suisse bonds as part …

Credit Suisse-UBS deal offers hope, but bank doubts persist
1 year, 9 months ago

Credit Suisse-UBS deal offers hope, but bank doubts persist

Associated Press  

LONDON — Credit Suisse shares plunged Monday after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price. Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs last week failed to reassure investors and customers. …

Credit Suisse deal wipes out high-risk debt holders
1 year, 9 months ago

Credit Suisse deal wipes out high-risk debt holders

Firstpost  

Zurich, Switzerland: Holders of $17.3 billion worth of high-risk debt at troubled lender Credit Suisse will lose their investment as part of its rescue merger with Swiss rival UBS, regulators said. Swiss authorities required that 16 billion Swiss francs in so-called additional tier 1 bonds be written down in the mega-merger that was announced late Sunday. But Swiss authorities ordered …

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report
1 year, 9 months ago

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report

Hindustan Times  

UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that threatened to spread across global financial markets. The Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal, according to the Financial Times, which reported the agreement first. …

Credit Suisse top holder rules out investing more after drop
1 year, 9 months ago

Credit Suisse top holder rules out investing more after drop

Live Mint  

Credit Suisse Group AG’s top shareholder ruled out investing any more in the troubled Swiss bank after seeing the value of its holding plummet. “The answer is absolutely not, for many reasons outside the simplest reason which is regulatory and statutory,” Saudi National Bank Chairman Ammar Al Khudairy said in an interview with Bloomberg TV on Wednesday. Chief Executive Officer …

Credit Suisse foresees $4.7B charge over hedge fund default
3 years, 9 months ago

Credit Suisse foresees $4.7B charge over hedge fund default

Associated Press  

GENEVA — Swiss bank Credit Suisse on Tuesday announced the departure of two top executives and said it expects a one-time charge of 4.4 billion Swiss francs in connection with a previously announced default of a U.S. hedge fund on margin calls. “The significant loss in our prime services business relating to the failure of a U.S.-based hedge fund is …

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