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Bond Market News

Credit Suisse Issues New Shares to Raise $2.2bn as Part of Overall $4bn Capital Hike

November 25, 2022

Credit Suisse has issued 889mn in new shares to existing investors at CHF 2.52/share ($2.67) in a planned CHF 2.24bn ($2.37bn) equity raise as part of its broader CHF 4bn ($4.2bn) capital hike. It confirmed that it issued 462mn new shares to qualified investors via a share placement, with Saudi National Bank buying 307mn new shares and acquiring a 9.9% stake in the lender. Shareholders will be allotted one pre-emptive subscription right for each share they hold on November 25. Seven rights will allow a shareholder to purchase two new shares at CHF 2.52/share ($2.67). The news comes broadly on expected lines after the Swiss lender announced its company-wide capital raising and restructuring plans last month alongside its earnings. Nevertheless, the news is a welcome positive after the bank warned of a $1.6bn loss in Q4 yesterday causing its dollar perps to drop by over 3%.

Credit Suisse’s dollar perps were trading flat with its 9.75% Perp unchanged at 92.4, yielding 11.95%

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