Credit Suisse

Banking stocks tumbled on Monday as initial relief over a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group gave way to ...

"I know that there must be still questions that we have not been able to answer," he said. "I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders," Kelleher said. The MSCI index for financial stocks in Asia ex-Japan Quite the contrary, it has gone global," said Mike O'Rourke, chief market strategist, Jones Trading. regional banks and moral hazard. [(FRC.N)](https://www.reuters.com/companies/FRC.N), an institution rocked by the failures of Silicon Valley and Signature Bank [(SBNY.O)](https://www.reuters.com/companies/SBNY.O). The Swiss central bank said Sunday's deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse. [only global bank](/business/finance/ubs-swallows-doomed-credit-suisse-casting-shadow-over-switzerland-2023-03-20/) and the Swiss economy more dependent on a single lender. [according to a memo](/business/finance/credit-suisse-tells-staff-plans-investment-banking-be-informed-later-memo-2023-03-20/) to staff seen by Reuters. [moving some assets](/business/finance/credit-suisse-tells-staff-plans-investment-banking-be-informed-later-memo-2023-03-20/) to another bank if concentration was a concern. [(UBSG.S)](https://www.reuters.com/companies/UBSG.S) [will pay](/business/finance/how-credit-suisse-has-evolved-over-167-years-2023-03-16/) 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) and assume up to $5.4 billion in losses. [angering some of the holders](/business/finance/credit-suisse-writes-down-17-bln-bonds-zero-angering-holders-2023-03-19/) of the debt who thought they would be better protected than shareholders in the takeover deal announced on Sunday.

Swiss regulators brokered rescue by UBS in bid to stop crisis from spreading across global financial system.

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Falling prices in Asia and Europe drag down FTSE by 1.5% as UBS plunges 12%

“Focus is shifting to the implications of high-risk bond holders in banks, after holders of more risky Credit Suisse debt saw their investment wiped out. “In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier One [AT1] be required to be written down. Bank of East Asia fell 3.5%. [HSBC](https://www.theguardian.com/business/hsbcholdings) and Standard Chartered tumbled in the Asian stock market as details of UBS’s $3.2bn (£2.65bn) “emergency takeover” of Credit Suisse rattled global investors. [Banking](https://www.theguardian.com/business/banking) Authority and ECB Banking Supervision said they welcome the “comprehensive set of actions taken yesterday by the Swiss authorities”. [Credit Suisse](https://www.theguardian.com/business/creditsuisse) deal hasn’t changed their position on the hierarchy of debt when a bank fails.

Credit Suisse's largest shareholder confirmed to CNBC that it had suffered a loss of around 80% on its investment.

1.7% of SNB's investments portfolio," the Saudi National Bank said in a statement. Saudi National Bank chairman Ammar Al Khudiary on Wednesday was asked by Bloomberg if it would increase its stake in the troubled Swiss lender. The messy fallout, which spilled over across the entire banking sector, has ruptured market confidence and stoked fears of another global banking crisis. Despite the loss, Saudi National Bank says its broader strategy remains unchanged. Shares of the lender were up 0.58% on Monday at 9:30 a.m. His comments ultimately failed to stem the bank's continued rout. - Despite the loss, Saudi National Bank says its broader strategy remains unchanged. Norway's sovereign wealth fund, Norges Bank Investment Management, is also a major shareholder. Shares of the lender were up 0.58% on Monday at 9:20 a.m. QIA did not reply to a request for further details. The significant discount comes as regulators try to shore up the global banking system. Shares of UBS, Switzerland's largest bank, traded down 10.5% at 9:28 a.m.

We'll send you a myFT Daily Digest email rounding up the latest UBS Group AG news every morning. UBS shares tumbled more than 10 per cent in early trading ...

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As early investor optimism about efforts to stem a banking crisis quickly evaporated, shares of Credit Suisse, UBS fell.

In a separate memo, the bank said that, as part of the takeover, if job cuts proved necessary it would be communicated to staff as per guidelines. The European Central Bank vowed to support eurozone banks with loans if needed, adding the Swiss rescue of Credit Suisse was “instrumental” in restoring calm. Credit Suisse shares slumped 62 percent in premarket trade to a new low while UBS lost 7.1 percent. “I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders,” Kelleher said. “I know that there must be still questions that we have not been able to answer,” he said. The MSCI index for financial stocks in Asia ex-Japan was down 1.3 percent.

Even before Credit Suisse Group's government-brokered takeover, the Swiss lender was in the process of cutting 9,000 jobs in an effort to save itself.

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Equities sank Monday on fears about the financial sector, despite news of UBS's takeover of embattled Credit Suisse and central bank pledges to provide ...

New York - Dow: DOWN 1.2 percent at 31,861.98 (close) Shanghai - Composite: DOWN 0.5 percent at 3,234.91 (close) Hong Kong - Hang Seng Index: DOWN 2.7 percent at 19,000.71 (close) Tokyo - Nikkei 225: DOWN 1.4 percent at 26,945.67 (close) Euro/pound: DOWN at 87.48 pence from 87.59 pence London - FTSE 100: DOWN 1.1 percent at 7,258.31 Euro/dollar: DOWN at $1.0663 from $1.0671 on Friday It might also lead to a further intensification of inflation pressures and more bond market volatility down the road." "Investors are likely keeping a look over their shoulder for the next disaster in a high-interest rate (and inflationary) environment, so at best we might see markets recover some of last week's losses," said Matt Simpson at City Index. Meanwhile, the Fed and the central banks of Canada, Britain, Japan, the European Union and Switzerland said they would launch a coordinated effort on Monday to improve banks' access to liquidity. - Eyes on the Fed - NEW YORK - Equities sank Monday on fears about the financial sector, despite news of UBS's takeover of embattled Credit Suisse and central bank pledges to provide liquidity to troubled lenders.

Swiss regulators announced that UBS, Switzerland's largest bank, would take over the troubled Credit Suisse.

But in this case, owners of stock in Credit Suisse received one UBS share for every 22.48 shares they owned, according to the terms of the deal. Some investors said the deal valued Credit Suisse so cheaply that it could prompt a reassessment of the value of other banks. The UBS acquisition of Credit Suisse, which was brokered by the Swiss authorities, came after another weekend of frenzied activity by U.S. The $3.2 billion acquisition by UBS of Credit Suisse, Switzerland’s oldest bank, was announced on Sunday by the Swiss Financial Markets Supervisory Authority. The central bank is expected to raise interest rates again, turning the screws on an economy already showing signs of slipping from a year of rapid rate rises. A number of small lenders in the United States came under renewed pressure last week.

Despite bold proclamations from Swiss authorities and central banks about a return to stability, the deal does not appear to have laid to rest concerns ...

"But in our view, it has become harder to assess the attractiveness of the current historically large spread pick-up provided by AT1 bonds vs. This could set in train renewed jitters about the health of banks." "This solves what I think is probably an idiosyncratic problem at Credit Suisse, but I'm not sure it's a firebreak big enough to stop the rot for the market," he said Monday. James Sym, head of equities at London-based investment manager River and Mercantile, told CNBC that the market was in "seek and destroy mode." "They are designed to impose permanent losses on bondholders or be converted into equity if a bank's capital ratios fall below a predetermined level, effectively propping up its balance sheet and allowing it to stay in business. The deal also includes support from the Swiss government, financial regulator FINMA, and the Swiss National Bank (SNB), which will offer a liquidity line of up to 100 billion Swiss francs, backed by a federal default guarantee. But as we discussed on Friday, we take comfort from the limited contagion from U.S. "Of course, we are mindful that the situation among U.S. The government will offer a loss guarantee of up to 9 billion Swiss francs, with UBS assuming the first 5 billion of potential losses. The U.S. hit us at the most unfavorable moment." bank has shifted back to an overweight allocation on European banks as a result.

UBS Chairman Colm Kelleher said the acquisition was “attractive” for UBS shareholders, but clarified that, “as far as Credit Suisse is concerned, this is an emergency rescue.”.

The size of Credit Suisse was a concern for the banking system, as was its global footprint given its multiple international subsidiaries. This could set in train renewed jitters about the health of banks." "Acquiring Credit Suisse's capabilities in wealth, asset management and Swiss universal banking will augment UBS's strategy of growing its capital-light businesses." The bank's Chairman Colm Kelleher said the acquisition was "attractive" for UBS shareholders but clarified that "as far as Credit Suisse is concerned, this is an emergency rescue." Credit Suisse shares collapsed by 60% at around 9:05 a.m. London time (5:05 a.m.

François Villeroy de Galhau said French banks 'a strong grip on risk' © Bloomberg. France's central bank governor has insisted the health of the French ...

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European markets are heading for a fall at Monday's open, with regional markets lacking direction at the start of the new trading week.

stock futures](https://www.cnbc.com/2023/03/19/stock-market-today-live-updates.html) were mixed. London time after the [latter agreed to an emergency takeover](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html) of its embattled rival. The combined bank will have $5 trillion of invested assets, according to UBS. Credit Suisse saw its shares tumble last week after its largest investor, the Saudi National Bank, declined to provide additional funding. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. [Credit Suisse](/quotes/CSG.N-CH/) shares were down 61.95% in pre-market trade via private bank Julius Baer, Reuters reported at 8:14 a.m. [Asia-Pacific markets largely fell on Monday](https://www.cnbc.com/2023/03/20/asia-markets-ubs-credit-suisse-china-loan-prime-rates.html), with eyes firmly on the European banking situation. CET to suspend trading in its shares. [UBS](https://www.cnbc.com/quotes/) [takeover](https://www.cnbc.com/2023/03/20/ubs-shares-tumble-after-emergency-rescue-of-rival-credit-suisse.html) of [Credit Suisse](/quotes/CSG.N-CH/). Credit Suisse has until the Swiss market open at 9:00 a.m. Following the emergency rescue, the combined bank will have $5 trillion of invested assets, according to UBS. [UBS](/quotes/UBS/) finalized an [agreement](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html) to buy its rival [Credit Suisse](/quotes/CS/) for $3.2 billion.

“In my eyes, this is against the law,” said Patrik Kauffman, a fund manager at Aquila Asset Management, who invests in additional tier 1 (AT1) bank debt.

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The initial slump was halted as investors digested the support efforts and the pace at which they had come, while the European Stoxx 600 index moved into ...

“This approach (of hitting shareholders before bondholders) has been consistently applied in past cases and will continue to guide the actions of the SRB (Single Resolution Board) and ECB banking supervision in crisis interventions,” they said. “There is a lot of firepower from the authorities to counter what is the steadily eroding loss of confidence,” Alster said. He said the European Central Bank (ECB), Bank of England and others would be well aware “of the next gazelles in the chain that the lions will be hunting” — meaning other large banks with investment banking arms, such as Deutsche Bank, BNP in France or Barclays in the UK — and will step in with support if needed. The Lions and the Sharks are said to have too much of it, and the Stormers are reaping the benefits of its absence London — Europe’s bank shares fought back from an early slump on Monday and a cross-asset scramble for safety looked to have eased, as markets weighed up the implications of the emergency rescue of banking heavyweight Credit Suisse for the financial system. Global markets cheered the latest efforts by governments in the US and Europe to ease a crisis threatening the global banking sector

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs ...

It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. What's staggering is the price per share is a 99% decline from Credit Suisse's peak. Now, this is all to do with the reaction to UBS' purchase of Credit Suisse. Credit Suisse and UBS shares are moving lower in premarket ahead of the Wall Street open.

UBS's emergency takeover of its troubled Swiss rival Credit Suisse, with significant backing and arm-twisting from Bern, sparked fears Monday it could ...

Many acknowledged though that when push came to shove, there had been little choice. The Tages-Anzeiger daily meanwhile slammed the deal as "a historic scandal", while the Tribune de Geneve said it was a "waste, socially (for jobs), economically (for the reputation of the country), and shameful politically for the politicians who were too slow to act." Thierry Burkhart, head of Switzerland's rightwing Liberals party, described the deal as "shameful for Switzerland", and said Sunday was "a dark day for the Swiss financial sector and for Switzerland as a whole."

The surprise move by the SNB has rattled Europe's AT1 bond market, with investors now questioning whether their holdings could be obliterated if another bank ...

given the level of solvency of Credit Suisse… Quinn Emanuel Urquhart & Sullivan, a litigation firm headquartered in Los Angeles, said Monday that it had assembled a team of lawyers who were discussing options with Credit Suisse’s AT1 bondholders. But it is the owners of Credit Suisse’s $17 billion worth of “additional tier one” (AT1) bonds who have been left fully in the cold. “The hierarchy of claims remains applicable in the EU… WisdomTree, another AT1 ETF listed on the London Stock Exchange, fell 7.4% in afternoon trade. The move is at odds with the usual hierarchy of losses when a They were created in the wake of the 2008 financial crisis as a way for failing banks to absorb losses, making a taxpayer-funded bailout less likely. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares for stock that was worth 1.86 Swiss francs on Friday. [and] pretty high level of regulatory capital,” he said. “This approach has been consistently applied in past cases.” there is no way that shareholders can be paid and AT1 holders [are] paid zero,” Benamou said. The Bank of England said that “holders of [AT1s] should expect to be exposed to losses” when a bank fails according to their usual ranking in the capital hierarchy.

Credit Suisse's additional tier one bonds are set to be wiped out following the struggling bank's takeover by UBS.

AT1 bonds "rank ahead" of equity investments, the statement noted, adding that they [had followed this process in the unwinding of SVB UK.](https://www.cnbc.com/2023/03/13/hsbc-buys-silicon-valley-bank-uk-protecting-deposits-.html) [stating](https://www.bankofengland.co.uk/news/2023/march/boe-statement-uk-creditor-hierarchy) that the U.K. "In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier 1 be required to be written down. [losses and difficulties](https://www.cnbc.com/2023/03/17/credit-suisse-timeline-how-years-of-turbulence-came-to-a-head.html), Credit Suisse's struggles came to a head last week after its biggest investor, Saudi National Bank, said it could [not offer any more support to the Swiss bank financially](https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html) due to regulatory restrictions. their HY [high-yield corporate counterparts]," Goldman explained, concluding that this will likely lead to a reduced appetite for AT1 bonds. "I don't think it's a risk that they will be written down. We still fear the market is very fragile. "AT1s are there to absorb losses, so it's not a surprise," she said. Usually, equity investments would be classed as secondary to AT1 bonds. Holders can convert them into equity or write them down in certain situations – for example when a bank's capital ratio falls below a previously agreed threshold. The Swiss regulator FINMA announced Sunday that the so-called additional tier-one bonds, which are widely regarded as relatively risky investments, will be written to zero as part of the deal. - The Swiss regulator FINMA announced Sunday that the so-called additional tier-one bonds, which are widely regarded as relatively risky investments, will be written to zero as part of the deal.

"Only time will tell how this shotgun wedding is received," one analyst said of merger uniting the Swiss banks.

"The banking system of Europe has not fully recovered from the crisis" in 2008, he said. The deal follows the collapse of two large U.S. As part of the deal, approximately 16 billion francs ($17.3 billion) in higher-risk Credit Suisse bonds will be wiped out, leaving investors with hefty losses. But concerns about risks to the deal, losses for some investors and Credit Suisse's falling market value could renew fears about the health of banks. [urged UBS to take over its smaller rival](https://www.cbsnews.com/news/ubs-purchase-credit-suisse-fallout-silicon-valley-bank/) after a central bank plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) last week failed to reassure investors and customers. Tobias Straumann, an economic history professor at University of Zurich, said the merger was the right move because the U.S. It has faced an array of troubles in recent years, including bad bets on hedge funds, repeated shake-ups of its top management and a spying scandal involving UBS. Shares of Credit Suisse and other banks had tumbled last week after the failure of two banks in the U.S. But European bank stocks and the wider market gained as investors watch whether moves to shore up banks will stem further upheaval in the global banking system. In an indication of the frantic, behind-the-scenes deal-making by Swiss authorities to resolve the issue before markets opened, the acquisition was announced late Sunday. The deal added volatility to other European bank stocks, which fell in early trading even as benchmark indexes climbed, before some clawed back their losses. UBS shares initially fell on the Swiss stock exchange but had gained more than 6% in afternoon trading.

For most people in Switzerland, the news that Credit Suisse was to be saved from collapse by local rival UBS was met with stunned disbelief.

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US and European stock markets rose but bank shares wavered in volatile trading on Monday after financial authorities scrambled to ease fears of a crisis in ...

Shanghai - Composite: DOWN 0.5 percent at 3,234.91 (close) Brent North Sea crude: DOWN 1.3 percent at $72.02 per barrel Tokyo - Nikkei 225: DOWN 1.4 percent at 26,945.67 (close) Hong Kong - Hang Seng Index: DOWN 2.7 percent at 19,000.71 (close) West Texas Intermediate: DOWN 1.6 percent at $65.88 per barrel Paris - CAC 40: UP 1.3 percent at 7,013.14 Credit Suisse was already shaken by other scandals, including its exposure to the 2021 collapses of investment firms Archegos and Greensill. Euro/pound: DOWN at 87.40 pence from 87.59 pence Frankfurt - DAX: UP 1.1 percent at 14,933.38 EURO STOXX 50: UP 1.3 percent at 4,119.42 London - FTSE 100: UP 0.9 percent at 7,403.85 New York - Dow: UP 1.1 percent at 32,217.09 points

Freshfields Bruckhaus Deringer ('Freshfields') is advising UBS Group AG (UBS) as global transaction counsel on its acquisition of Credit Suisse Group AG ...

IP advice was provided by partner Richard Lister. Equity capital markets advice was provided by partners Christoph Gleske and Doug Smith. Regulatory advice was provided by partners Cyrus Pocha and Gunnar Schuster, and senior associate Claire Harrop.

U.S. Treasury yields rose on Monday as investors considered the stability of the banking sector after Swiss bank UBS agreed to buy its rival Credit Suisse.

[finalized the takeover of Credit Suisse by UBS](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html), the two largest Swiss banks. [joint liquidity operation with several other central banks](https://www.cnbc.com/2023/03/19/fed-other-central-banks-set-joint-liquidity-operation.html) around the world. "Our expectation is that the FOMC will raise the policy rate by 25bps, not 50bps," said Thierry Wizman, global FX and rates strategist at Macquarie. The Fed's next meeting is due to begin Tuesday, with a fresh interest rate policy decision expected Wednesday. The [2-year Treasury](/quotes/US2Y/) yield was trading at around 3.96% after rebounding to trade 11 basis points higher. The ETF at one point rose 5% during Monday's trading session, but saw some of its gains reverse as First Republic shares slide 47%.

The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors.

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Investors responded in kind. In Europe, UBS shares rose 1.02% (though Credit Suisse tanked 55.74%, making each share worth less than $1). Banking stocks in the ...

[managed to rebound](https://www.cnbc.com/2023/03/20/first-republic-falls-sp-credit-rating-downgrade.html). [First Republic Bank continued sinking](https://www.cnbc.com/2023/03/20/first-republic-falls-sp-credit-rating-downgrade.html). All [major indexes made minor gains](https://www.cnbc.com/2023/03/19/stock-market-today-live-updates.html). Bondholders, unsurprisingly, [aren't happy about it](https://www.cnbc.com/2023/03/20/17-billion-of-credit-suisse-bonds-worthless-following-ubs-takeover.html). [UBS to buy Credit Suisse](https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html), with an aim [to increase confidence in the banking sector](https://www.cnbc.com/2023/03/20/what-ubs-rescue-of-credit-suisse-cs-means-for-markets-and-banks.html). The banking crisis is causing regional banks — which account for around a third of all lending in the United States — to reduce their loans, said Eric Diton, president and managing director of The Wealth Alliance. This suggests markets are already so jittery that whatever the Fed does — even if it's nothing — it might cause instability to spread. New York Community Bancorp (which [agreed to buy Signature Bank](https://www.cnbc.com/2023/03/20/fdic-announces-agreement-to-sell-signature-bank-assets.html)over the weekend) surged 31.65%, PacWest Bancorp jumped 10.78% and KeyCorp edged up 1.21%. Some bank stocks are in the doldrums, yes, but the SPDR S&P Regional Banking ETF, a fund of regional bank stocks, rose 1.11% on Monday. To stem the rout, [JPMorgan Chase is advising First Republic](https://www.cnbc.com/2023/03/20/jpmorgan-advising-first-republic-on-strategic-alternatives-including-a-capital-raise-sources-say.html)on strategic alternatives such as raising capital or attempting a sale, sources told CNBC's David Faber. The Dow Jones Industrial Average gained 1.2%, the S&P 500 added 0.89% and the Nasdaq Composite increased 0.39%. Banking stocks in the [pan-European index, Stoxx 600](https://www.cnbc.com/2023/03/20/european-markets-live-updates-ubs-buys-credit-suisse-news-stocks.html), were up 1.3%, giving the index a 1% gain.

Days before a hastily convened press conference late on Sunday that would make the world's front pages, Switzerland's political elite were secretly ...

"When you are a bank for billionaires, deposits can fly away very quickly," said one of the people involved. A spokesperson for FINMA said that although it laid emphasis on Britain and the U.S. "The taxpayer in this scenario has less risk," said Keller-Sutter. In banking center Zurich and Bern, the Alpine state's capital, pressure was building. Credit Suisse banks many Swiss companies and citizens - including finance minister Keller-Sutter. Credit Suisse's arms in Luxembourg, Spain and Germany were far smaller. By Wednesday, two days later, Credit Suisse was swept up in a full-blown crisis. In a matter of days its demise was sealed. It's a completely different ecosystem." monitored on a daily basis," he told Reuters. "They're a globally systemically important bank so ... The rescue concentrates even greater risks into one banking behemoth, UBS Group AG.

Credit Suisse's “CoCo” bonds did exactly what they were designed to do: Transfer all the risk of debt from the bank to bondholders.

London, March 20, 2023 -- Moody's Investors Service (Moody's) placed on review for upgrade all long-term ratings and assessments of Credit Suisse Group AG ...