Several surprises came with Credit Suisse’s first-quarter results on Thursday.
First, the bank has raised SFr1.7 billion of capital through two roughly equal tranches of six-month mandatory convertible notes, the second of which was offered to existing shareholders.
A first tranche had already been placed with a select group of core shareholders, institutional investors and ultra-high-net-worth individuals. These underwrote the second tranche, so ensuring full proceeds, even if existing shareholders don’t take up their subscription rights.
With common equity tier-1 (CET1) down to 12.2%
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