People walk near the logo of the Swiss bank Credit Suisse in Zurich, Switzerland on March 20 2023. Picture: REUTERS/Denis Balibouse
Credit Suisse shares slid by almost 62% in Swiss premarket trading to about Sf0.61, while the value of its additional tier 1 bonds — a type of contingent convertible bonds that is considered to be the riskiest type of debt banks can use — dropped as low as 1c on the dollar after the bank said Sf16-billion worth of the debt will be written down to zero.
“In theory, there is no reason for the Credit Suisse crisis to extend, as what triggered the last quake for Credit Suisse was a confidence crisis — which doesn’t concern UBS — a bank outside the turmoil, with, in addition, ample liquidity and guarantee from the SNB [Swiss National Bank] and the government.”
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