The move is a signal of confidence, in that the bank has enough liquidity to take advantage of the slump in debt markets
Credit Suisse Group said it would buy back up to $3bn of its own debt, in a move aimed at calming investor jitters ahead of the unveiling of a crucial strategy revamp.
The debt repurchase plan is “a smart move, it builds confidence in the liquidity of the balance sheet and helps lower Credit Suisse’s funding costs”, said Filippo Maria Alloatti, head of financials credit at Federated Hermes in London. When the lender raised capital with so-called additional tier 1 notes in the summer, the riskiest type of bank debt, it had to pay an almost double-digit coupon in a dollar-denominated transaction. That note is now quoted more than 10c below face value.
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