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FRANKFURT: A Deutsche Bank AG Additional Tier-1 (AT1) bond has surged to the highest in three years after the lender decided against redeeming the debt, choosing instead to let the coupon nearly double.
SYDNEY: Australia’s banking regulator is pushing ahead to scrap the market for contingent convertible securities, despite some concerns, becoming the first country to phase out the securities that were wiped out after the collapse of Credit Suisse last year.
The decision by Swiss authorities to wipe out Credit Suisse’s Additional Tier-1 (AT1) bonds could reduce demand for this type of bond in the long term, a Goldman Sachs strategist says, but the risk of contagion across credit markets is limited due to the relative niche nature of the asset class.
Sumitomo Mitsui Financial Group (SMFG) has priced US$1.04bil (RM4.6bil) of additional Tier-1 (AT1) debt, becoming the first major Japanese bank to sell them since the value of similar bonds issued by Credit Suisse was wiped out.
A panel tasked with overseeing the credit default swaps (CDS) market says the writedown of Credit Suisse Group AG’s Additional Tier 1 notes will not trigger an insurance payout.
CREDIT Suisse AG staff are preparing to sue the Swiss financial regulator over $400 million of bonuses that were canceled after the troubled lender's rescue by UBS Group AG, the Financial Times reported on Monday.
HONG KONG: Standard Chartered Chief Executive Bill Winters said on Friday Credit Suisse AG's $17 billion Additional Tier 1 bonds wipeout had "profound" implications for global bank regulations.
KUALA LUMPUR: Affin Islamic Bank Bhd has completed the placement of RM500 million nominal value of AT1 Sukuk Wakalah and RM500 million nominal value of Tier 2 Sukuk Murabahah, under the bank’s existing Islamic medium-term notes (MTN) programme of RM5.0 billion (sukuk programme) to selected investors.
SYDNEY: Westpac Banking Corp, Australia’s third-largest bank by market capitalisation, says it will raise A$750mil (US$488mil) in an Additional Tier-1 (AT1) capital transaction.
Asian lenders may find it difficult to replenish their capital by issuing Additional Tier-1 (AT1) bonds, Citigroup says after the Swiss authorities move to wipe out Credit Suisse bonds as part of its takeover deal.
Some 100 investors have joined a class action to recover about US$100mil (RM444mil) in losses stemming from the collapse of Swiss lender Credit Suisse and the subsequent wiping out of their Additional Tier-1 (AT1) bond holdings.
ZURICH: Holders of Credit Suisse Group AG bonds suffer a historic loss as a takeover by Union Bank of Switzerland (UBS) Group AG wipes out about 16 billion Swiss francs (US$17.3bil or RM78bil) worth of risky notes.
Investors in Asia who lost money buying Credit Suisse’s Additional Tier 1 or AT1 bonds have started considering legal action against the Swiss government.
LONDON/SINGAPORE: An uneasy calm descended across battered bank bonds and shares on Tuesday, with prices recovering a day after regulators sought to convince investors that the hit facing bond holders of embattled Credit Suisse is isolated.
Global banks continue to dominate business headlines this week, with the marriage between Swiss banking rivals, UBS Group AG and Credit Suisse Group AG, sparking fresh concerns about the finance sector.
LONDON: European banking stocks slumped yesterday as investors reeled from the historic weekend takeover of Credit Suisse Group AG that will wipe out a class of bondholders.
It goes without saying that with the Credit Suisse saga, comes many an investor who has been burnt badly.
Chinese lenders have been a refuge from the crisis of confidence that gripped banks globally. But a corner of the country’s credit market has been showing that smaller lenders aren’t without some challenges of their own.
While economists and bankers feel that the overall Malaysian banking system remains sound, there’s been another issue that has been gaining attention in the aftermath of the Credit Suisse saga.
ONCE thought of as a safe and secure bet, banks are increasingly looking vulnerable stemming from the recent crises that hit Western lenders such as Silicon Valley Bank (SVB) and Credit Suisse AG.
