Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs of debt securities, as it navigates a plunging share price.
Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs of debt securities.
It comes after Credit Suisse's shares briefly hit an all-time low earlier this week, and credit default swaps hit a record high, amid market's skittishness over its future.In this articleSignage hangs over the entrance of a Credit Suisse Group AG branch in Zurich, Switzerland, on Sunday, Sept. 25, 2022. Inflation in Switzerland has more than doubled since the start of the year and the State Secretariat for Economic Affairs expects it to come in at a three-decade-high of 3% for 2022.
The Swiss lender is also looking to sell its famous Savoy Hotel in Zurich's financial district, according to reports Thursday, prompting market speculation that it is dashing for liquidity. In a statement Friday regarding the offer to repurchase debt securities, Credit Suisse said: "The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices."
It comes after Credit Suisse's shares briefly hit an all-time low earlier this week, and credit default swaps hit a record high, amid market's skittishness over its future.
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