Bailout Arrives: Credit Suisse To Borrow $54BN From SNB To "Pre-emptively Strengthen Liquidity" | ZeroHedge
- BY TYLER DURDENSummary:
- Saudis fold - refuse to throw any more money at Credit Suisse
- Credit Suisse stock hits record low
- Credit Suisse 1Y CDS explodes as counterparty risk hedging soars
- Credit Suisse execs urged a "show of confidence" from the Swiss National Bank
- ECB quantifying exposures to Credit Suisse
- US Treasury monitoring situation, talking with other regulators
- Fed working with UST to quantify exposures
- One major govt is pressuring Swiss to intervene
- Systemic risk threat spreads globally
- Swiss authorities seeking to stabilize bank
- Swiss National Bank and Finma issue statement of support
- Credit Suisse said it’s planning to borrow from the Swiss National Bank up to CHF50 billion under a covered loan facility.
Update (21:00ET): And so, the "bailout" arrives just a few hours
before the Europe open, Credit Suisse said it’s planning to borrow from the Swiss National Bank up to CHF50 billion ($54 billion) under a covered loan facility which is "fully collateralized by high quality assets".
- It wasn't immediately clear what high quality assets CS has left to pledge but in a time of BTFP, we are confident they found something...
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