City Of London
Hedge Fund Marathon Made Quick $30 Million on Credit Suisse Bet
- Firm scooped up senior bonds at a discount ahead of a tender
- Funds circle claims on the Swiss lender’s subordinated debt
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Marathon Asset Management LP made around $30 million in a few days because of a well timed bet on Credit Suisse Group AG bonds.
The hedge fund accumulated around $150 million bonds in the Swiss lender’s senior operating company at knock-down prices just days before the Swiss lender offered to buy them back at a high premium in a March 16 statement, according to a person with knowledge of the matter.