Credit Suisse is said to have neared the sale of its Securitized Products Group (SPG) to Apollo Global Management and PIMCO, as per WSJ sources. They noted that the further details and several other strategic measures taken by the bank will be revealed in its strategic review update alongside its earnings release today. As per WSJ, the consortium including Pimco and Apollo beat the other bidding group consisting Centerbridge Partners and Martello Re Ltd. The Swiss bank has been on the search for buyers of many of its businesses in an effort to revise its strategy and raise capital.
CS’s USD 9.75% Perp was trading 0.2 points lower to 96.79, yielding 10.64% to call.