{"id":46496,"date":"2022-12-21T12:51:40","date_gmt":"2022-12-21T17:51:40","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/credit-suisse-raises-4-3-billion-capital-after-wild-ride\/"},"modified":"2022-12-21T12:58:58","modified_gmt":"2022-12-21T17:58:58","slug":"credit-suisse-raises-4-3-billion-capital-after-wild-ride","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/credit-suisse-raises-4-3-billion-capital-after-wild-ride\/","title":{"rendered":"Credit Suisse raises $4.3 billion capital after wild ride"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a01f053d41ca]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a01f053d41ca'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Credit Suisse raises $4.3 billion capital after wild ride<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a01f053da374'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">December 21, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a01f053dc2f8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Myriam Balezou. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Credit Suisse Group AG\u00a0completed a 4 billion-franc ($4.3 billion), two-pronged capital increase, giving Chief Executive Officer\u00a0Ulrich Koerner\u00a0the funds needed to embark on a comprehensive restructuring of the troubled lender.<\/p>\n<p>Investors agreed to buy 98.2% of the stock on sale in a rights offer to raise 2.24 billion francs, Credit Suisse said in a statement late Thursday. The remainder of the stock will be sold in the market at or above the offer price of 2.52 francs a share.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Market-leading solutions for the sell-side<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_9084991530347790113\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/banks-broker-dealers\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The rights issue was the second leg of the bank\u2019s capital raising. The Zurich-based firm already raised 1.76 billion francs through a private placement last month to investors including\u00a0Saudi National Bank, which will become the largest shareholder with just under 10%.<\/p>\n<p>The stock gained about 3.5% in early Zurich trading on Friday.<\/p>\n<p>Credit Suisse is shoring up its finances to assuage investors\u2019 concerns after billions in losses over the past two years, recent client defections and asset outflows. The funds will help pay for the exit from large parts of its investment bank and 9,000 job cuts. Reeling from years of scandals and missteps, Credit Suisse has warned of a fifth straight unprofitable quarter.<\/p>\n<p>The concluded rights offer spells the end of a wild ride for the troubled Swiss bank\u2019s stock over the past weeks, when at one point a 13-day losing streak took the shares near the price of what was supposed to be a heavily discounted offer. Comments by Chairman\u00a0Axel Lehmann\u00a0on Dec. 2 that the bank had stopped massive outflows provided some relief.<\/p>\n<p>\u201cThe successful completion of the capital increase is a key milestone for the new Credit Suisse,\u201d Koerner said in the statement. \u201cIt will allow us to further support our strategic priorities from a position of capital strength and create a simpler, more stable and more focused bank built around client needs.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"446\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/creditsuisse.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Significant dilution\" title=\"creditsuisse\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/creditsuisse.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/creditsuisse.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/creditsuisse.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/creditsuisse.jpg 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/creditsuisse.jpg 858w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>A rights issue is an offering of shares to existing investors to allow them to buy shares in proportion to their holding at a discounted price. Taking up the rights compensates investors for the dilution that occurs in a capital raising.<\/p>\n<p>Last week, the shares fell to a record low of about 2.67 Swiss francs, just above the price of 2.52 francs for subscription rights that Credit Suisse offered existing investors. The bank had set the price at a discount of about 32% to its stock value after the strategy presentation in October.<\/p>\n<p>The bank said the rights offer will strengthen its CET1 ratio, a key metric of financial strength, by about 140 basis points. It also said cost savings measures it\u2019s already started represent about 80% of the planned 1.2 billion francs reduction in its 2023 cost base.<\/p>\n<p>The rights issue was fully underwritten by about 20 banks led by\u00a0Deutsche Bank AG, Morgan Stanley, RBC Capital Markets and\u00a0Societe Generale SA.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a01f053e5db8]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a01f053e5db8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7193965053604711722\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Credit Suisse Group AG\u00a0completed a 4 billion-franc ($4.3 billion), two-pronged capital increase, giving Chief Executive Officer\u00a0Ulrich Koerner\u00a0the funds needed to embark on a comprehensive restructuring of the troubled lender.<\/p>\n","protected":false},"author":1679,"featured_media":41793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"444","footnotes":""},"categories":[444],"tags":[817,451,574,445,747],"series":[],"class_list":["post-46496","post","type-post","status-publish","format-standard","hentry","category-trading","tag-817","tag-corporations","tag-news","tag-sales-and-trading","tag-sell-side","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Suisse raises $4.3 billion capital after wild ride | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Credit Suisse Group AG\u00a0completed a 4 billion-franc ($4.3 billion), two-pronged capital increase, giving 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