Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist- cnbc

Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The Swiss lender also confirmed that it is selling its famous Savoy Hotel in Zurich’s financial district, prompting some speculation that it is scrambling for liquidity. In a statement Friday regarding the offer to repurchase debt securities, Credit Suisse said: “The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices.” It comes after Credit Suisse’s shares briefly hit an all-time low earlier this week, and credit default swaps hit a record high, amid market’s skittishness over its future. Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The Swiss lender also confirmed that it is selling its famous Savoy Hotel in Zurich’s financial district, prompting some speculation that it is scrambling for liquidity. In a statement Friday regarding the offer to repurchase debt securities, Credit Suisse said: “The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices.” It comes after Credit Suisse’s shares briefly hit an all-time low earlier this week, and credit default swaps hit a record high, amid market’s skittishness over its future.