SUBSCRIBE

CATEGORIES

Qatar fund holds 6% Credit Suisse stake due to convertible notes – filing

imageStock Markets45 minutes ago (Jul 06, 2021 03:06AM ET)

(C) Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland June 22, 2020. REUTERS/Arnd Wiegmann/File Photo

DUBAI (Reuters) – Qatar Investment Authority (QIA) stake in Credit Suisse (SIX:CSGN) is 6%, higher than earlier estimated, after it subscribed to two convertible notes, which will be converted into shares later this year, according to a regulatory filing.

The new filing with the U.S. Securities and Exchange Commission shows the Qatari fund was among the investors who subscribed to Credit Suisse’s capital raising in April when the Swiss lender issued mandatory convertible notes.

Stock exchange data still shows QIA’s stake of 4.84%, however the stake rises to 6.01% if the convertibles are taken into account, the new filing shows.

Credit Suisse in April said the mandatory convertible notes will be converted upon six month maturity, but they could be subject to early conversion upon the occurrence of certain events.

Credit Suisse has raised capital, halted share buybacks, cut its dividend and revamped management after losing more than $5 billion from the collapse of family office Archegos and suspending funds linked to Greensill.

Qatar fund holds 6% Credit Suisse stake due to convertible notes – filing

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.