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Bond Market News
Credit Suisse Offering ~7% on Short-term Notes to Attract Client Deposits
December 7, 2022
Credit Suisse’s wealth unit is doling out juicy yields to attract more deposits to recoup some of the ~$90bn of client money that was recently pulled out. In a bid to boost its AUM, it is offering a lowered threshold on balances that are entitled to an interest rate of 5-6%. Moreover, it is offering short-term high yield notes and bonus deposit rates that pay a fixed rate of ~7% on investors’ cash holdings. A spokesman said, “We are in close contact with our wealth management clients as we implement our new strategy”.
Its EUR 5Y CDS has eased over the past few days to ~392bp and its 9.75% Perp was down 1 point to 88.16, yielding 13.3%
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