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Bond Market News
Credit Suisse Files For Insurance Claims on Greensill-linked Funds
September 8, 2021
Credit Suisse has filed its first insurance claim following the collapse of its $10bn supply chain finance funds related to Greensill in March. The bank reported that some $7bn, or 70%, have now been recovered, up from $6.1bn in July. After the last payment in August, around $5.9bn have been returned to investors. Delayed payments had increased during the period and the bank indicated that around 85% of the outstanding notes related to overdue payments. Credit Suisse also reported that as of late August the funds had reached $2.5bn in late payments, $2.2bn of which were related to three single counterparties, including GFG Alliance.
Credit Suisse´s USD bonds were trading stable with its 6.375% Perps trading at 110.853, yielding 3.94%.
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