Amid concerns about its financial health, Switzerland’s most troubled lender has announced offers to repurchase debt securities totalling billions of dollars.
Credit Suisse is making a cash tender offer for a number of debt securities, according to a statement, totalling 3 billion Swiss francs ($3 billion). They include eight euro or pound sterling-denominated senior debt securities for up to 1 billion euros ($979 million) and another twelve dollar-denominated senior debt securities for up to $2 billion.
The offers will expire on November 10 this year.
Financial Health
Concerns about Credit Suisse’s financial health were further spotlighted after the bank’s credit default swap spread spiked as high as 355 basis points earlier this week.
«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, the bank said.
