Credit Suisse shares soared after the Swiss central bank launched an effective rescue plan that was aimed not just in shoring up confidence in CS itself but instilling confidence among investors who were abandoning financial services companies everywhere.
Six hours earlier, the central bank had said in a statement that it would, “if necessary,” provide CS with ample liquidity. When it became apparent that the reassurances from the central bank were not enough to prevent further deterioration – and a possible bank run – CS went to the next step and stated it would implement the emergency borrowing.
CS also announced plans to buy back some of its beaten-up debt. It will make a cash tender offer for U.S.-dollar senior debt securities worth up to US$2.5- billion and euro-denominated senior debt securities worth up to 500-million euros. Those offers will expire on March 22. While the shares of the scandal-ridden CS had been losing ground for at least five years, CS went into crisis mode early this week, at a time when many big banks’ bond portfolios were suffering damage from rising interest rates
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