Credit Suisse offers to buy back $3bn of its own debt
Beleaguered bank Credit Suisse has offered to buy back $3bn of its own debt.
It announced this morning it was making a cash tender offer in relation to eight euro or pound sterling denominated senior debt securities.
This comes amid doubts over the solidity of Credit Suisse, which have been mounting after a string of crises over the past 18 months, including the collapse of Archegos Capital and Greensill Capital which left it nursing huge losses.
Credit Suisse has slumped to consecutive losses this year amid a major slowdown in its investment banking division and rising litigation costs.
In addition to a cash offer of 1bn Euros, Credit Suisse also announced a separate cash tender offer in relation to twelve US dollar denominated senior debt securities for an aggregate consideration of up to USD 2 billion.
The offers will expire on 3 November and November 10.