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...Miller, who joined Credit Suisse in 1997, was one of a handful of senior executives whose departures were announced just hours after UBS completed the takeover of its stricken rival in June....
...Santander has set aside $250mn to grow its corporate and investment bank over the next two years and has already hired 100 executives this year, with many former Credit Suisse bankers joining its US office...
...Cevian, Europe’s largest dedicated activist, has invested just under a tenth of its total portfolio in UBS shares since it rescued Credit Suisse in March, according to people with knowledge of the approach...
...Credit Suisse and Santander declined to comment. Hermer and Price declined to comment through a Credit Suisse spokesperson....
...Suisse fund]’s losses,” SoftBank’s defence states....
...S&P already holds a negative outlook on the country....
...at Credit Suisse....
...S&P gave the new UBS AT1 a BB rating, five notches below its A- credit rating on the bank....
...So it was fascinating to see this chart in the latest edition of the Credit Suisse UBS Global Investment Returns Yearbook 2024 (a summary edition of which is available online): The data looks a little different...
...Less than eight months after Swiss authorities wiped out $17bn of Credit Suisse’s AT1 bonds, UBS — which made a $29bn profit by buying Credit Suisse for $3bn — was able to issue a new AT1 structure....
...For emerging economies, “the election, itself, is rarely really a point at which we see a material credit impact, because we do want to see policies fully designed and started to get implemented to have...
...UBS may have to wait until it has finished integrating Credit Suisse, however, before it tackles more M&A....
...(Zoomable version) Cboe’s Mandy Xu (previously head of equity derivatives strategy at Credit Suisse) also concedes that the growth in derivatives-based income funds has been “jaw-dropping”....
...UBS has begun sounding out investors over issuing a type of bond that was wiped out as part of its rescue of Credit Suisse six months ago — a writedown that damaged confidence in the market and triggered...
...The fallout from Credit Suisse’s forced sale last year has amounted to a legal morass that will inevitably last years....
...In a note titled “Hedge fund nirvana” Credit Suisse UBS quant Patrick Palfrey notes how heavily shorted stocks have started to do badly this year....
...NBIM was also a top-10 investor in Credit Suisse when it collapsed in March, but had been selling down its stake....
...Moreover, UBS wants to hang on to the politically sensitive Credit Suisse domestic bank. This has made pre-tax profits of about $1.7bn annually since 2020, according to S&P Global....
...Essentially, the logic is that the fiasco at Credit Suisse has made UBS and its own AT1s all the more protected. Still . . . the fine print sounds a bit ominous if you ask us....
...UBS-Credit Suisse anniversary: A year on from UBS’s rescue of Credit Suisse, the merger’s success is becoming increasingly dependent on the performance of the Swiss bank’s wealth business....
...Analysts were eagerly awaiting the first AT1s issued under Swiss law as a test of investor appetite, given that it was the decision by the country’s financial regulator, Finma, to write down the Credit Suisse...
...Just over two years ago, Credit Suisse broke new ground with a so-called synthetic securitisation of a portfolio of loans tied to the yachts and private jets of oligarchs and billionaires....
...Credit Suisse issued a big fat chunk of them in the past decade....
...And Credit Suisse’s subordinated CDS references Credit Suisse Group AG (the HoldCo) not Credit Suisse AG (the OpCo)....
...The low price UBS paid for Credit Suisse reflected market concerns about asset toxicity within Credit Suisse and the ability of UBS to retain wealth management clients....
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