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2021-04-01

Go Swiss bank go

Credit Suisse shares rally while Archegos ripples spread

TOKYO/ZURICH (Reuters) - Credit Suisse shares edged higher on Thursday, ending a losing streak in wh

Credit Suisse shares rally while Archegos ripples spread

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Supply chain funds run by the bank had invested $10 billion in securities issued by Greensill, and it is not clear how much of that they will get back.</p>\n<p>The bank said in a notice to investors on Wednesday that it expects to get the \"majority\" of that money to be recovered.</p>\n<p>Its shares were up 2.66% on Thursday though still down 18% for the week, while Nomura closed up 0.22% but is down 19% since Monday.</p>\n<p>Credit Suisse's CoCo, or contingent convertible dollar bond maturing Dec 2023 has fallen more than three cents in price since last Friday and is now trading at 107.7 points, the lowest since July, MarketAxess data shows.</p>\n<p>Average daily trading volumes in the bond spiked in March over $1.9 billion compared to February levels of $710 million.</p>\n<p>(Reporting by Takashi Umekawa in Tokyo, John O'Donnell, and Oliver Hirt in Zurich and Sujata Rao in London; Writing by Rachel Armstrong; Editing by Kirsten Donovan)</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Two sources close to the bank said they could be as high as $5 billion, a figure the bank has declined to comment on.\nSwitzerland's second largest lender has lost almost a quarter of its value over the past month, hit first by worries over its exposure to collapsed UK supply chain firm Greensill and then Archegos. Supply chain funds run by the bank had invested $10 billion in securities issued by Greensill, and it is not clear how much of that they will get back.\nThe bank said in a notice to investors on Wednesday that it expects to get the \"majority\" of that money to be recovered.\nIts shares were up 2.66% on Thursday though still down 18% for the week, while Nomura closed up 0.22% but is down 19% since Monday.\nCredit Suisse's CoCo, or contingent convertible dollar bond maturing Dec 2023 has fallen more than three cents in price since last Friday and is now trading at 107.7 points, the lowest since July, MarketAxess data shows.\nAverage daily trading volumes in the bond spiked in March over $1.9 billion compared to February levels of $710 million.\n(Reporting by Takashi Umekawa in Tokyo, John O'Donnell, and Oliver Hirt in Zurich and Sujata Rao in London; Writing by Rachel Armstrong; Editing by Kirsten Donovan)","news_type":1},"isVote":1,"tweetType":1,"viewCount":280,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":13,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}