Credit Suisse Group AG announced on Friday that it is offering to buy back nearly $3 billion of debt as the troubled lender seeks to manage its debt ahead of an announced restructuring.
The Swiss Bank CS,
is offering to repurchase eight euro or sterling-denominated senior debt for a total of up to 1 billion euros ($979.2 million), it said.
It is also offering to buy back 12 US dollar-denominated securities for up to US$2 billion. Both offers are subject to various conditions and expire on November 3 and 10, respectively, Credit Suisse said.
The value of some Credit Suisse bonds fell along with shares of the lender earlier this week amid speculation about its financial health. The bank has been struggling to reassure investors ahead of a planned strategy update, due on October 27 along with quarterly results.
Write to Joshua Kirby at email@example.com; @joshualeokirby
https://www.marketwatch.com/story/credit-suisse-makes-2-98-bln-debt-repurchase-offers-271665120200?rss=1&siteid=rss Credit Suisse makes buyback offers of $2.98 billion