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Bond Market News

Credit Suisse Securitization Unit Said to Receive Interest from Mizhuo

October 14, 2022

Credit Suisse’s securitized products group (SPG) has now seen Mizhuo emerge as a potential buyer for the unit, as per sources. Mizuho thus joins Apollo Global, Centerbridge Partners, Pimco and Sixth Street as potential buyers of the business, as it nears a deal. As per Bloomberg, Credit Suisse has said that its SPG unit is highly profitable and employs about $20bn in risk-weighted assets (RWAs) and ~$75bn of leverage exposure, a regulatory measure. Mizuho has said that securitized products are a “core pillar” of its business in the Americas, and thus its emergence as a buyer is value accretive. Credit Suisse’s strategic review results are due on October 27, where it will also announce its Q3 earnings.

Its dollar bonds continue to inch lower with its 9.75% Perp down by 1.4 points to 88.01, yielding 13.26% to call.

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