|買盤||0.8638 x 2200|
|賣出價||0.8799 x 2900|
|今日波幅||0.8583 - 0.8825|
|52 週波幅||0.8200 - 7.2500|
|Beta 值 (5 年，每月)||1.19|
|市盈率 (最近 12 個月)||無|
|每股盈利 (最近 12 個月)||-2.8200|
Ruling from Singaporean judge comes shortly before UBS is expected to complete takeover of Swiss rival
Credit Suisse directly disputed the Swiss financial regulator’s basis for writing down $17bn of its additional tier 1 bonds, in a private letter aimed at sparing staff bonuses that were tied to the debt. The second decree was published in full online last week by Antigua News, a local news outlet. If you are not familiar with Antigua News, you are not alone.
Credit Suisse has given up trying to save its staff bonuses that were wiped out following the bank’s rescue by its rival UBS. Just over $400mn of deferred pay for Credit Suisse middle managers was reduced to zero as a result of the state-orchestrated takeover and several bankers are preparing lawsuits against Finma, the Swiss regulator, over their losses, the Financial Times reported this week. Credit Suisse had appealed to Switzerland’s Federal Administrative Court to protect the bonuses, which were linked to additional tier 1 bonds that were also wiped out.
Credit Suisse nevertheless disputed the ill-judged decision of the Swiss authorities to wipe out its additional tier one securities. It has tarnished the country’s reputation for financial reliability and lumbered it with legal disputes that will rumble for years. Credit Suisse objected first, privately.
Credit Suisse Group AG (NYSE: CS) employees are reportedly preparing to sue Swiss regulator FINMA after losing $400 million in bonuses partially tied to the bank's AT1 bonds. As a part of the takeover in March, the Swiss regulator ordered CHF16 billion of the lender's AT1 debt to be written down to zero, while shareholders received some compensation. Quinn Emanuel and Pallas, law firms already suing Swiss regulator Finma on behalf of investors who owned Additional Tier-1 (AT1) bonds, have receiv
Credit Suisse directly disputed the Swiss financial regulator’s basis for writing down $17bn of its additional tier 1 bonds, in a private letter aimed at sparing staff bonuses that were tied to the debt. Investors representing at least $4.5bn of wiped-out Credit Suisse AT1 bonds filed a lawsuit against Finma last month, seeking to overturn the Swiss regulator’s cancellation of their holdings that was imposed as part of the bank’s shotgun marriage to UBS two months ago. The aggrieved bondholders earlier this month forced Finma to hand over a decree it had issued to Credit Suisse on March 19 — the day the UBS merger was struck — ordering the bank to write down the AT1 bonds.
Credit Suisse staff are making preparations to sue the Swiss financial regulator over $400mn of bonuses that were cancelled following the bank’s rescue by UBS. Thousands of senior Credit Suisse bankers have a portion of their bonuses linked to the group’s additional tier 1 bonds, securities that were wiped out in the takeover orchestrated by Swiss authorities in March. Law firms Quinn Emanuel and Pallas, which are already suing the Swiss regulator Finma on behalf of investors who owned the AT1 bonds, have received multiple requests from senior managers at Credit Suisse to take legal action on their behalf too, according to several people familiar with the matter.
You wait nearly two months for a question to be filed with the CDS determinations committee regarding Credit Suisse and then two come along at once. Earlier in the week, FT Alphaville delved into what we dubbed Schrödinger’s swap, an audacious plan to trigger credit-default swaps on Credit Suisse, which most in the market had assumed would not pay out. While we would love it if you read the nearly 2,500 word dissection of the trade, the TL;DR version is this: two hedge funds thought the ambiguity over the ranking of a dead Credit Suisse bond was enough to turn the AT1 wipeout into a CDS payout.
Credit Suisse’s bondholders have forced Switzerland’s financial regulator to divulge the decree that wiped out their investments, handing them an early victory in the legal battle to overturn the controversial writedown. Investors representing at least $4.5bn of wiped-out Credit Suisse additional tier 1 bonds filed a lawsuit against Finma last month. The suit accuses Switzerland’s banking regulator of having acted unconstitutionally when it ordered the bank to cancel the $17bn of AT1 bonds as a part of its shotgun marriage to UBS two months ago. The aggrieved investors and their law firm Quinn Emanuel had to launch their challenge largely in the dark, as Finma had kept secret the wording of its decree ordering Credit Suisse to write down their investments.
“Badwill” sounds like something that could sour a business deal. The question for investors is whether the double negative counts as a single positive for UBS. Accountants register it as a gain via the income statement when they add those intangible assets to the balance sheet.
UBS said it expects to make a $35bn accounting gain as a result of its state-brokered rescue of Credit Suisse, lower than some had forecast, and separately disclosed $17bn of asset writedowns and litigation provisions. UBS said it should make a $34.8bn accounting gain on the transaction, generated because it acquired its rival for a fraction of the book value of its assets. The so-called “negative goodwill” is calculated by subtracting the $3.5bn acquisition price from the roughly $38bn fair value of the net assets.
Michael Milken explains why the recent bank collapses aren't history repeating and the one lesson financial institutions are learning in real-time.
UBS Group AG (NYSE: UBS) Q1 revenues reached $8.75 billion vs. 9.38 billion a year ago, missing the consensus of $8.93 billion. Operating expenses were $7.2 billion from $6.6 billion a year ago. The Zurich-based said underlying pre-tax profit dropped 22% percent to $2.35 billion in the quarter compared to a year ago, while underlying revenues fell 8%. CET 1 capital ratio, a measure of bank solvency, came in at 13.9% vs. 14.1% a year ago Related: UBS Executives Say Surprise Credit Suisse Acquisit
On Monday, Credit Suisse Group Inc (NYSE: CS) reported Q1 FY23 earnings, probably the final of its 167-year history. The longtime second-largest bank posted a profit of CHF 12.43 billion for Q1 of 2023. The profit resulted from the write-off of the AT1 bonds worth CHF 15 billion as part of its deal with UBS Group AG (NYSE: UBS). The Swiss bank saw CHF 61.2 billion withdrawn in the first quarter alone, 5% of the group's assets under management as of the end of Q1 2023. In the second half of March
Akre Focus Fund, an investment management company, released its first quarter 2023 investor letter, a copy of the same can be downloaded here. The Akre Focus Fund’s first quarter 2023 performance for the Institutional share class was 5.91% compared with S&P 500 Total Return at 7.50%. Performance for the trailing 12-month period ending March 31, […]
UBS Group AG (NYSE: UBS) said it is changing its $6 billion share buyback program following its takeover of Credit Suisse Group (NYSE: CS). Under the buyback program launched in March 2022, UBS Group decided to issue new shares for the deal. However, with the latest plan, the company would instead use shares already issued, Reuters reported. Under the deal, one UBS Group share will be exchanged for 22.48 shares in Credit Suisse, requiring a maximum of 178 million UBS Group shares to be used. Aft
With recession chatter picking back up, here's what history says about how stocks tend to perform.
Have you ever thought about investing in a Swiss bank? It’s actually not a bad idea, especially if we’re talking about UBS Group (NYSE:UBS). First of all, UBS stock is trading at a reasonable valuation. Plus, UBS Group’s takeover of Credit Suisse (NYSE:CS) shouldn’t be as troublesome as some fearmongers would have you believe. Banking-sector contagion isn’t limited to any single nation or continent. UBS Group’s “shotgun wedding” merger with Credit Suisse demonstrated that a crisis could strike p
Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 10.5% compared to a 7.7% return for the MSCI World Index. The fund returned 9.3% since its inception compared to 5.4% for the index. […]
UBS Group AG (NYSE: UBS) is reportedly looking to retain Credit Suisse Group AG's (NYSE: CS) private banking unit in India, making way for a potential return to the market. In recent weeks, Iqbal Khan, global head of wealth management at UBS, met with counterparts at Credit Suisse, including the lender's local wealth head Puneet Matta in Singapore, Bloomberg reported citing people familiar with the matter. Also Read: Credit Suisse Rescue Package Retrospectively Rejected By Lower House Of Swiss P
If you’re looking to free up capital you might be looking for stocks to sell in your portfolio. One of the interesting things about the stock market is that only some names are winners. Some of them may be good companies, to be sure, but the timing for them isn’t the best. These are stocks to sell right away. The occasional rebalancing is essential, even if you’re a buy-and-hold investor, you want to be on the lookout got stocks to sell to keep your returns out of the red.InvestorPlace - Stock M
In this article, we’re going to take a closer look at Credit Suisse’s 12 Highest-Conviction Top Picks. In order to skip ahead, take a look at the Credit Suisse’s Top 5 Highest Conviction Picks. Swiss bank Credit Suisse Group AG (NYSE:CS) has always been on the radars due to the fact that it’s one of […]
When UBS AG (NYSE: UBS) agreed to acquire Credit Suisse Group AG (NYSE: CS) for $3.2 billion, the deal angered shareholders and many in Switzerland. A survey by political research firm gfs.bern found that most Swiss did not support the deal that would create a financial institution with assets double the size of the country's annual economic output. Related: Hefty Credit Suisse Bailout Costs $13,500 Per Person In Switzerland. UBS executives told shareholders that its unexpected takeover of Credi
“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Axel Lehmann said at the bank’s final shareholder meeting.