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Search resuls for: "Yoruk Bahceli Lucy Raitano"


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☆ European bank shares rally, bonds battered after Credit Suisse debt wipeout
  + stars: | 2023-03-20 | by ( Yoruk Bahceli Lucy Raitano | Yoruk Bahceli | Lucy Raitano | ) www.reuters.com   time to read: +5 min
The Credit Suisse rescue has shaken the European banking sector and fears of wider fallout remain. Under the Credit Suisse rescue deal, 16 billion Swiss francs worth of Credit Suisse Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator. Overall, bank debt remained under pressure, with the cost of insuring exposure to the debt rising in the credit default swaps (CDS) market. CONTAGION RISKThe wipeout of AT1 bonds in the Credit Suisse rescue has alerted fixed income investors to the risks of investing in these instruments. At Credit Suisse, the bank's AT1 bonds were bid as low as 1 cent on the dollar on Monday as investors braced for the wipeout.
☆ Europe's bank bonds battered after Credit Suisse debt wipeout
  + stars: | 2023-03-20 | by ( Yoruk Bahceli Lucy Raitano | Yoruk Bahceli | Lucy Raitano | ) www.reuters.com   time to read: +5 min
LONDON, March 20 (Reuters) - European bank bonds slumped on Monday following the state-backed rescue of Credit Suisse (CSGN.S) by UBS (UBSG.S) as a wipeout of some bondholders raised concerns around broader bank capital and also hammered bank shares. "The takeover of Credit Suisse by UBS was done fast and should have provided reassurance to the market that we haven’t had another bank collapse. However, what it has done is exposed the issues around AT1 bonds,” said Russ Mould, investment director at AJ Bell. In the bond market, Credit Suisse's Additional Tier 1 (AT1) bonds were bid as low as 1 cent on the dollar on Monday as investors braced for the wipeout. Shares in Credit Suisse (CSGN.S) fell as much as 64.5% while UBS Group (UBSG.S) shares dropped as much as 16%.
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