Holders of Credit Suisse's risky bonds see $17 billion wiped...

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Holders of Credit Suisse’s risky bonds see $17 billion wiped...

29-03-2023 09:55

Holders of Credit Suisse’s risky bonds see $17 billion wiped out

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Holders of Credit Suisse’s risky bonds see $17 billion wiped out

The bondholders of Credit Suisse will go down in history due to record financial losses. They suffered a historic loss of 16 billion Swiss francs ($17,3 billion) after a takeover deal by Swiss bank UBS.

Switzerland’s national regulator FINMA revealed the details of the Credit Suisse takeover by rival UBS. It announced that additional tier-one bonds, which are widely regarded as relatively risky investments, will be written to zero as part of the deal. Thus, bondholders will see the investments of 16 billion francs become worthless. Back in 2017, the bondholders of Spanish lender Banco Popular SA suffered a record €1.35 billion ($1.44 billion) loss. So, Credit Suisse bondholders will be left with nothing. Meanwhile, shareholders will receive $3.23 billion from UBS as part of the deal.

Nevertheless, some shareholders have been hit hard by the Credit Suisse takeover. Thus, Saudi National Bank’s 9.9% stake in the Swiss bank is worth 304 million Swiss francs ($329 million) after the USB takeover, a $1 billion drop in value. Meanwhile, investment company Harris Associates, one of Credit Suisse's longest-standing shareholders, sold its 10% stake in the collapsed bank.

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