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Credit Suisse Reveals More Details on $4bn Capital Raise Plan
November 1, 2022
Credit Suisse unveiled further details regarding its planned CHF 4bn ($4bn) capital raise yesterday. The bank had already mentioned that Saudi National Bank will invest SAR 5.7bn ($1.52bn) and become its second shareholder, owning 9.9%. Besides that, the Swiss bank is issuing new shares to new and existing shareholders. It said that new investors have committed to buying 462mn new shares at a purchase price of CHF 3.82/share ($3.83), to raise CHF 1.76bn ($1.76bn) Swiss francs. Existing investors will be offered 889mn shares at CHF 2.52/share ($2.52), with subscription rights corresponding to the size of their present stake. Both the new share issuances have to be approved at an ESG due November 23, where the final terms will be revealed. If rejected, Credit Suisse said it would issue 1.8bn new shares at CHF 2.27/per share ($2.27), which would still enable it to raise the required amount.
Credit Suisse’s dollar bonds were trading slightly weaker with its USD 9.75% Perp down 0.3 points to 95.6, yielding 11%.
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