Post #1249181: The cost of insuring UBS debt against defaul…
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The cost of insuring UBS debt against default soared on Monday, following the bank’s takeover of rival Credit Suisse. UBS 5y CDS jumps.

The cost of insuring UBS debt against default soared on Monday, following the bank’s takeover of rival Credit Suisse. UBS 5y CDS jumps.

Mar 20, 2023 09:03 AM |
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One of the best bank deals of our time! First Citizens's shares jumped 54% after NCarolina lender took over SVB's $56.5bn in deposits as well as $72bn in loans at discount of $16.5bn. FDIC will help finance deal w/$35bn loan & $70bn credit line t Credit Suisse closed at 0.82 Swiss Francs, above the acquisition price of 0.76 Swiss Francs b/c UBS shares closed higher after initial losses, and Credit Suisse shareholders will get 1 UBS share for every 22.48 shares held under the deal. S&P cut UBS Outlook to negative; Ratings affirmed following Credit Suisse deal citing execution risk given CS' size, complexity, and risk profile. This is what the final deal looks like: UBS to buy Credit Suisse for CHF0.76 per share, or CHF3bn. Credit Suisse holders will get 1 UBS share for every 22.48 shares. UBS says Ralph Hampers will be CEO of combined bank. Complete write-down of nominal Credit Suisse Shares Open 62% Lower After UBS Takeover News.

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