Investors dumped Credit Suisse shares and bonds on Monday after rival UBS agreed at the weekend to take over the 167-year old bank for just a fraction of its market value, with hefty backstops from the Swiss government.
agreed at the weekend to take over the 167-year old bank for just a fraction of its market value, with hefty backstops from the Swiss government.
A $1 billion AT1 bond with a coupon of 4.5% was bid as low as 1 cent on the dollar, Tradeweb pricing showed. "In theory, there is no reason for the Credit Suisse crisis to extend, as what triggered the last quake for Credit Suisse was a confidence crisis – which doesn't concern UBS - a bank outside of the turmoil, with, in addition, ample liquidity and guarantee from the SNB and the government."
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Musk responds to $100B credit line in $2B UBS-Credit Suisse deal: 'Wow'Twitter CEO Elon Musk responded to the news that UBS would get a $100 billion credit line in the buyout of Credit Suisse for $2 billion, with one word: wow.
Read more »
Here's why UBS's deal to buy Credit Suisse matters to U.S. investorsFinancial markets will tell the story on Monday of whether UBS's more than $3 billion deal for Credit Suisse is enough to calm down at least one side of the...
Read more »
UBS seek to reassure investors over reluctant Credit Suisse takeoverInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Asia Stocks Fall as Investors Digest UBS, Credit Suisse DealStock indexes across Asia fell Monday as recent turmoil weighed on bank shares
Read more »
Asia markets set to fall as UBS agrees to $3.2 billion takeover of Credit SuisseAsian markets trade lower as investors assess UBS' $3.2 billion purchase of Credit Suisse
Read more »
Asia markets mostly fall after UBS agrees to $3.2 billion takeover of Credit SuisseAsian markets trade lower as investors assess UBS' $3.2 billion purchase of Credit Suisse
Read more »