Credit Suisse in £2.8bn buyback

CREDIT Suisse said yesterday it plans to buy back up to SFr4bn (£2.8bn) in outstanding securities to help it comply with the new Swiss and Basel III global capital adequacy rules.

The tender was for public Tier 1 and Tier 2 instruments, Credit Suisse said.

As part of the new capital rules, flagship banks UBS and Credit Suisse, whose balance sheets are several times the size of the Swiss economy, have begun to issue loss-absorbing forms of capital.

The instruments include contingent convertible bonds, or CoCos.