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Its offshore debt restructuring, the country's biggest such exercise, is aimed at saving it from a disorderly collapse. The developer has $22.7 billion of offshore debt, all of which is deemed to be in default. A dollar bondholder, who was not authorised to speak to media, likened the debt restructuring plan to lending a bucket of rice to someone and being repaid with two grains a year. Evergrande said on Wednesday that additional financing of 250 billion yuan ($36.65 billion) to 300 billion yuan would be required as it resumes operations over the next three years. If Evergrande fails to push ahead with restructuring plan, the developer may have to face liquidation proceedings filed by an investor in one of its units in a Hong Kong court.

Fed Chairman Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the management of Silicon Valley Bank "failed badly," but that the bank's collapse did not indicate wider weaknesses in the banking system. "These are not weaknesses that are running broadly through the banking system," he said, adding that the takeover of Credit Suisse seemed to have been a positive outcome. The Federal Open Market Committee policy statement also said the U.S. banking system is "sound and resilient." The much-anticipated rate cut by the Fed, which had delivered eight previous rate hikes in the past year, sought to balance the risk of rampant inflation with the threat of instability in the banking system. The banking sector has been in turmoil after California regulators on March 10 closed Silicon Valley Bank in the largest U.S. bank failure since the 2008 financial crisis.

The latest move to restore calm to restive regional bank stocks came as Pacific Western Bank (PACW.O), one of the regional lenders caught up in the market volatility, said it had raised $1.4 billion from investment firm Atlas SP Partners. While that deal brought some respite to battered banking stocks, First Republic (FRC.N) remains firmly in the spotlight. For now, the rescue of Credit Suisse appears to have calmed the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. lenders (.SPXBK). Reuters Graphics Reuters Graphics'HEAD IN SAND'The wipeout of Credit Suisse's Additional Tier-1 (AT1) bondholders has sent shockwaves through bank debt markets. Seeking to boost confidence among investors rattled by its $3 billion Credit Suisse rescue, UBS said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it issued less than week ago.

March 22 (Reuters) - U.S. authorities are set to explore ways to bolster financial stability, along with steps to tackle the problems facing First Republic Bank, as central banks assess whether turmoil in banking makes interest rate rises less pressing. SVB's collapse kicked off a tumultuous 10 days for banks which led to the 3 billion Swiss franc ($3.2 billion) Swiss engineered takeover of Credit Suisse by rival UBS (UBSG.S). While that deal brought some respite to battered banking stocks, U.S. lender First Republic (FRC.N) remains firmly in the spotlight. Reuters Graphics Reuters Graphics'HEAD IN SAND'The wipeout of Credit Suisse's Additional Tier-1 (AT1) bondholders has sent shockwaves through bank debt markets. For now, the Swiss bank rescue appears to have assuaged the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. lenders (.SPXBK).

But an unexpected jump in UK inflation last month led investors to bet heavily that the Bank of England will raise interest rates by at least another 25 bps on Thursday. SVB's collapse kicked off a tumultuous 10 days for banks which led to the 3 billion Swiss franc ($3.2 billion) Swiss regulator-engineered takeover of Credit Suisse by rival UBS. While that deal brought some respite to battered banking stocks, U.S. lender First Republic remains firmly in the spotlight. First Republic (FRC.N) shares fell 9% in extended trade on Tuesday, having surged as much as 60% at one stage. For now, the Swiss bank rescue appears to have assuaged the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. lenders (.SPXBK).

The Fed's relentless rate hikes to rein in inflation have been partly blamed for sparking the biggest meltdown in the banking sector since the 2008 financial crisis. For now, Credit Suisse's rescue appears to have assuaged the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. regional lenders. The S&P 500 banks index (.SPXBK) rallied 3.6%, its largest one-day gain since November. Still, Australia's prudential regulator has started asking the country's banks to declare their exposure to startups and crypto-focused ventures following the collapse of Silicon Valley Bank, according to the Australian Financial Review. Market cap of US regional banks included in the S&P 500 regional bank indexDeputy Treasury Secretary Wally Adeyemo said a review of the failures of Silicon Valley Bank and rival Signature Bank was in order.

LONDON, March 21 (Reuters) - Distressed debt investors and large hedge funds are buying up Credit Suisse (CSGN.S) additional tier-1 bonds at rock-bottom prices after they were written down to zero in the Swiss bank's rescue by cross-town rival UBS (UBSG.S). AT1 bonds issued by other European banks tumbled on Monday as the treatment of Credit Suisse AT1 bondholders highlighted the risks of this type of debt. Buyers have included a mixture of hedge funds and deep distressed debt funds, which Southey expected would need to hold the bonds for an extended period before they paid off. Some of those buyers intend to join groups that would litigate to improve odds on cashing in on the bonds, Southey said. "It's quite possible that we will see demand from buyers of subordinated bank debt to have more explicit protections written into these bond prospectuses in the future."

March 21 (Reuters) - Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS (UBSG.S), though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks. "The current situation in U.S. regional banks and Credit Suisse has raised concerns about contagion risk," said Grace Tam, chief investment advisor Hong Kong at BNP Paribas Wealth Management. Credit Suisse CEO Ulrich Koerner, who was expected to attend the conference, however, dropped out and the event was closed to media after the weekend rescue. Shares in First Republic Bank (FRC.N) halved on Monday on worries that last week's $30 billion infusion of capital would not be enough. The regulators said owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike at Credit Suisse, whose main regulators are in Switzerland.

Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams. "Investment banking stands out and that could be where the pain is felt most for Credit Suisse," a senior executive at UBS said.

SINGAPORE/HONG KONG, March 20 (Reuters) - Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. In Hong Kong, Credit Suisse said it would still press ahead with its annual investment conference that kicks off on Tuesday, although media are no longer invited. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off.

SHANGHAI/HONG KONG, March 20 (Reuters) - Credit Suisse told staff its wealth assets are operationally separate from UBS for now, but once they merged clients might want to consider moving some assets to another bank if concentration was a concern, according to an internal memo. The memo dated Sunday, seen by Reuters, gave talking points to Credit Suisse (CSGN.S) staff for client conversations after a historic Swiss-backed acquisition of the troubled bank by UBS Group (UBSG.S). In a package orchestrated by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion in losses. Credit Suisse also told staff to inform clients that plans for its investment banking business will be communicated in due course as details of its acquisition by UBS were still being worked out, according to an internal memo. We are fully focused on ensuring a smooth transition and seamless experience for our valued clients and customers," a Credit Suisse spokesperson said.

Credit Suisse declined to comment on the banks' actions. MARKET TROUBLES LINGERBanking stocks globally have been battered since Silicon Valley Bank collapsed, raising questions about other weaknesses in the wider financial system. A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters. "Japan's financial system remains stable as a whole," Kishida told a news briefing.

March 17 (Reuters) - Credit Suisse and First Republic Bank shares came under renewed pressure on Friday despite multibillion-dollar support deals, while a source said European Central Bank supervisors see no contagion for euro zone banks from the turmoil. With investor confidence far from restored, analysts, investors and bankers think the loan facility has only bought Credit Suisse some time to work out what to do next. Meanwhile, U.S. regional bank shares, including PacWest Bancorp (PACW.O), also opened sharply lower, with First Republic down around 25%. But the supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters. The ECB pressed forward with a 50 basis-point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins.

The rescue package came shortly after embattled Credit Suisse (CSGN.S) tapped an emergency central bank loan of up to $54 billion to shore up its liquidity. The ECB supervisors saw no contagion to euro zone banks from the market turmoil, a source familiar with the content of the meeting told Reuters, adding that supervisors were told deposits remained stable across euro zone banks and exposure to Credit Suisse was immaterial. "I don't think we are in the crux of a global financial crisis. The ECB pressed forward with its 50 basis point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

March 17 (Reuters) - European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank (FRC.N) eased fears of its imminent collapse. The rescue package came less than a day after Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. "French and European banks are very solid," ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

☆ Bank rescues ease crisis fears, investors still wary
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

COMMENTS:KERRY CRAIG, SENIOR STRATEGIST, JPMORGAN ASSET MANAGEMENT"It has been a week of ups and downs for the equity market this week. Then they will take it away gradually and the bank will play out a slow death." ZHIKAI CHEN, HEAD OF ASIA EQUTIES, BNP PARIBAS ASSET MANAGEMENT"The $30 billion deposit injection into First Republic overnight was novel and creative. Its new facility taking eligible securities at par removes the mark to market spiral risk to meet deposits. That said, markets are now suggesting rates hikes may be nearing an end, while inflation continues to rollover."

The package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Analysts say authorities appear eager to quickly deal with systemic risks, but worry the potential for a banking crisis is far from over. "Yellen was clear overnight that all bank deposits were protected, but the bank might not be there," he said. Within days, the market turmoil had ensnared Credit Suisse, forcing it to borrow from Switzerland's central bank. Credit Suisse shares closed 19% higher on Thursday, recovering some of their 25% fall on Wednesday.

March 17 (Reuters) - Multi-billion dollar lifelines for troubled U.S. and European banks shored up investor confidence on Friday and bolstered sentiment in battered stocks, although concerns now centre on whether a global financial crisis has been fully averted. The package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity, which went some way to calming panic about a global banking crisis. "I don't think we are in the crux of a global financial crisis, balance sheets are much better than they were in 2008, banks are better regulated," said Karen Jorritsma, head of Australian equities, RBC Capital Market. Within days, the market turmoil had ensnared Credit Suisse, forcing it to borrow from Switzerland's central bank. Policymakers have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available.

[1/4] A combination of photographs shows people using automated teller machines (ATMs) at Australia's "Big Four" banks - Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking Corp (top L). REUTERS/StaffSYDNEY, March 17 (Reuters) - An A$300 billion ($201.21 billion) refinancing task for Australia's biggest banks is about to get harder, say analysts, as appetite for new debt shrinks across global markets roiled by concerns about bank stability and liquidity. "Now major banks don't have to hit markets everyday... but ultimately banks can't stay out of the market forever." Refinancing today would add extra 5 to 10 basis points to banks' costs versus a week and a half ago, he added. ($1 = 1.4910 Australian dollars)Reporting by Lewis Jackson and Scott Murdoch; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

A round of financing on Sunday raised through JPMorgan had given First Republic access to $70 billion in funds. First Republic Bank's stock closed up 10% on news of the rescue but its shares fell 18% in after-market trading, after the bank said it would suspend its dividend. [1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. It said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, which confirmed it would provide liquidity to the bank against sufficient collateral. Since March 8, before last week's collapse of SVB, European banks have lost around $165 billion in market value, Refinitiv data shows.

☆ Factbox: FACTBOX Credit Suisse's troubles - spies, money laundering and central bank cash
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period. Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ Prudential says exposure to SVB minimal, sales to China travellers pick up
▼ + stars: | 2023-03-15 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, March 15 (Reuters) - Asia-focused insurer Prudential's (PRU.L) said its exposure to collapsed Silicon Valley Bank (SVB) is minimal, and expects little impact on its "conservative" balance sheet. "Our exposure to SVB is de minimis," Turner said. The insurer's stock price ended 1.18% lower in Hong Kong on Wednesday, while the broader market was up 1.52%. Its London-listed shares fell 4.7% by 9 a.m. GMTAnalysts say they expect a stronger pickup in sales from Chinese mainland visitors to Hong Kong, the insurer's key revenue centre. As China ended its Zero-COVID policy, border restrictions were removed last month allowing mainland visitors to go to Hong Kong and buy insurance again.

☆ Goldman Sachs' Canute Dalmasse to retire after 21 years - memo
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, March 14 (Reuters) - Canute Dalmasse, Goldman Sach's (GS.N) co-head of Asia Pacific equities distribution and execution, will retire after nearly 21 years with the bank, according to a memo seen by Reuters. Dalmasse joined Goldman Sachs in 2002 as an international sales trader in New York and relocated to Hong Kong in 2006, the memo said. He was previously the head of Hong Kong equities sales trading and later became the co-head of execution services in the Asia Pacific region. The memo said he was named managing director in 2009 and appointed in 2016 as a partner, the most senior position in Goldman Sachs. A Goldman Sachs spokesperson confirmed the contents of the memo.

In early February, sources said CATL aimed to go ahead with the listing as early as May. PRIVATE PLACEMENTThe sources said the Chinese regulator has concerns over the vast scale of CATL's GDR offering. At $5 billion, the GDR deal would easily be the largest such listing by a Chinese company in Switzerland, according to Refinitiv data. With much better liquidity on the domestic market, investors can exit more easily. Such practices have also made Chinese regulators less keen to wave through mega-GDR offerings, two of the sources with knowledge of the matter said.

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