Credit Suisse Designed Debt for Espirito Santo Group, WSJ Says

Credit Suisse Group AG designed securities that were used to finance Espirito Santo companies and sold to clients of Banco Espirito Santo SA, the Portuguese lender that was bailed out this month, the Wall Street Journal reported today.

The securities contained debt issued by various companies linked to the Espirito Santo family and were used to finance the family’s business interests, the paper said, citing filings and unidentified people familiar with a probe into the bank.