Credit Suisse shares dropped as much as 65% in early trade after the Swiss bank agreed to be taken over by its rival UBS at a steep discount.
Credit Suisse shares dropped as much as 65% in early trade Monday after the Swiss bank agreed to be taken over by its rival UBS at a steep discount.
The decline in Credit Suisse’s shares CH:CSGN CS mostly reflected the 59% discount it agreed to take in the deal initially valued at 3 billion francs, but also reflected the 14% slide in UBS shares CH:UBSG UBS after the transaction was announced. The... Credit Suisse shares dropped as much as 65% in early trade Monday after the Swiss bank agreed to be taken over by its rival UBS at a steep discount.
The decline in Credit Suisse’s shares CSGN CS mostly reflected the 59% discount it agreed to take in the deal initially valued at 3 billion francs, but also reflected the 14% slide in UBS shares UBSG UBS after the transaction was announced.Among the worries that stem from the deal was that the Swiss government wrote down the value of what are called AT1 bonds to zero. These bonds, also called contingent convertible bonds or CoCos, have been a key funding source for European banks.
United States Latest News, United States 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 »
Credit Suisse shares slump 72% in opening trade after UBS dealCredit Suisse shares dropped 72% in opening trade, after agreeing to be bought by rival UBS in a deal underwritten by Swiss authorities. The steep share...
Read more »
Credit Suisse under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »
UBS in talks to acquire Credit Suisse -FT By Reuters*UBS IN TALKS TO TAKE OVER ALL OR PART OF CREDIT SUISSE AS SHARE PRICES FALL $UBS $CS 🇨🇭🇨🇭
Read more »
UBS in talks to buy troubled Credit Suisse, FT reportsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg NewsUBS Group AG is asking the Swiss government for a backstop if it were to buy Credit Suisse Group AG , Bloomberg News reported on Saturday.
Read more »