The world’s most indebted developer said it expects that a restructuring support agreement will be ready by the end of March, after it won preliminary support from a group of major creditors.
The Federal Reserve and five other central banks announced coordinated action Sunday to boost liquidity in US dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system.
Just weeks ago, they were bit players in the giant US banking system. Now, a handful of regional lenders are at the heart of a crisis that’s shaken the country and engaged the likes of Warren Buffett and Jamie Dimon.
Credit Suisse Group AG will go ahead with a Hong Kong investment conference this week even after it was taken over by its fiercest Swiss rival after a turbulent week.
UBS Group AG Chief Executive Officer Ralph Hamers has warned staff not to talk about business matters with counterparts at Credit Suisse Group AG, following the announcement of their government-brokered combination.
Some Asian banks’ additional tier 1 bonds fell by a record Monday morning, after a Swiss regulator said $17 billion of such AT1s from Credit Suisse Group AG will be wiped out.
Financial authorities in Singapore and Hong Kong gave assurances Credit Suisse Group AG will remain open for business and its fallout won’t affect their markets after UBS Group AG agreed to buy the troubled Swiss bank in a historic government-brokered deal.
Among the biggest losers in the shotgun sale of Credit Suisse Group AG are investors in the firm’s riskiest bonds, known as AT1s, worth $17 billion.
China’s biggest high-tech companies, which have weathered their own volatility in the last few years, may be positioned to be the ones offering some relief to investors as market confidence has been shaken by the financial sector’s health from UBS Group AG’s take over of Credit Suisse Group AG to the collapse of Silicon Valley Bank.
The case for the Federal Reserve to forgo an interest-rate hike strengthened in the eyes of some central bank watchers on Sunday following a coordinated global move to ease growing financial strains.
