Embattled Swiss lender\u00a0Credit Suisse\u00a0Group AG said on early-Thursday that it will exercise an option to borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under two loan facilities to shore up liquidity conditions.<\/p>\n\n\n\n
The bank said the option will include a covered loan facility, as well as a short-term liquidity facility, as it moves to \u201cpreemptively strengthen liquidity.\u201d <\/p>\n\n\n\n
The bank also said it will open a cash tender offer to repurchase ten dollar-denominated debt securities for up to $2.5 billion, and a separate tender offer for euro-denominated debt securities for up to \u20ac500 million. <\/p>\n\n\n\n
The move comes after the bank\u2019s shares plummeted to a record low on Wednesday as its top investor, Saudi National Bank, said it was unable to provide more funding to the lender.\u00a0<\/p>\n\n\n\n
\u201cThese measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders,\u201d Credit Suisse CEO Ulrich Koerner said in a statement.<\/p>\n\n\n\n
The Swiss National Bank had also\u00a0pledged support for the lender\u00a0on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Embattled Swiss lender\u00a0Credit Suisse\u00a0Group AG said on early-Thursday that it will exercise an option to borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under two loan facilities to shore up liquidity conditions. The bank said the option will include a covered loan facility, as well as a short-term liquidity …<\/p>\n","protected":false},"author":9,"featured_media":81573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6874,9952,9007],"class_list":["post-81595","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-gold","tag-oil-price-cap","tag-russian-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81595"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81595\/revisions"}],"predecessor-version":[{"id":81596,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81595\/revisions\/81596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81573"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}