“This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” UBS chair Colm Kelleher said of the deal.

Futures on the S&P 500 edged 0.1% down during Monday’s morning session with the Nasdaq Composite Index declining 0.2%. In contrast, the Dow Jones Industrial Average gained 0.3%.

Banking stocks embarked on a gradual recovery following news of the UBS acquisition, with the KBW Bank Index rising on Monday. Among the banking stocks that experienced gains are Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

While two-year yields remained mostly unchanged, the benchmark 10-year U.S. Treasury note advanced by 3.4%, thereby indicating a recovery from Friday’s losses.

The post Stocks Decline Following Credit Suisse Takeover appeared first on theprimarymarket.com.

“I don’t know if I get to stay, leave, or should I consider my options now?” one Southeast Asian-based banker commented. The banker also mentioned the pressure being faced due to clients requesting answers within 24 hours regarding the deal with larger rival UBS.

Late on Sunday, Swiss officials facilitated the 3 billion Swiss francs ($3.24 billion) takeover of Credit Suisse by UBS. The deal was backed with state funding.

Credit Suisse had been losing market share to UBS as well as major U.S. banks over the past few years, however, the bank remained the second-largest wealth manager in Asia, only behind UBS.

Over 50,000 people are employed by Credit Suisse across its wealth management, investment banking, and asset management operations. The bank operates over 150 offices in more than 50 countries.

The post Credit Suisse Staff Express Uncertainty Despite Rescue Deal appeared first on theprimarymarket.com.

Should both parties agree to all the terms of the deal, the acquisition could be closed as soon as Sunday evening. This comes after UBS submitted an offer of 0.25 Swiss francs ($0.27) a share to be paid in UBS stock. It was reported that any potential deal would be priced at a fraction of the 1.86 Swiss francs that Credit Suisse shares closed at on Friday afternoon.

Included in the offer is a “material adverse change” condition that UBS insisted on whereby the deal would be scrapped in the instance that Credit Suisse’s credit default spreads jump by 100 basis points or more. The Swiss government is reportedly looking to offer a guarantee against the risks involved in the deal.

Credit Suisse declined to comment on the deal, while UBS and the Swiss government could not be reached for comment.

The post UBS Formally Submits Offer To Buy Credit Suisse appeared first on theprimarymarket.com.

The report, which came courtesy of Bloomberg News, was followed up with a telephone interview with BlackRock spokesperson Ryan O’Keeffe, who claimed that Hildebrand has not had any involvement in these discussions up until this point.

Hildebrand, who joined the New York-based BlackRock in 2012, previously served as the chairman of the governing board of the Swiss National Bank. He also served as a member of the Financial Stability Board during his time with the Swiss National Bank, being appointed vice chairman in 2011.

Initially believed to be preparing a counteroffer against UBS, BlackRock has confirmed that it will not look to acquire Credit Suisse. Instead, UBS remains the frontrunner, with Swiss officials eager to complete a deal in order to prevent the destabilization of the global financial system.

The post BlackRock Reportedly Intervenes In UBS, Credit Suisse Talks appeared first on theprimarymarket.com.

According to several sources, the government guarantees would be used to cover potential litigation charges as well as winding down certain parts of the bank. Swiss regulators are hoping to resolve the bank’s issue before markets open on Monday.

Currently valued at approximately $8 billion, Credit Suisse may have to axe as many as 10,000 jobs if it combines with UBS in a takeover deal. Talks between representatives of UBS and Credit Suisse are ongoing, with several strategies still under consideration.

Joining UBS in a race to acquire Credit Suisse Group AG is Deutsche Bank, several sources have revealed. Any potential deal with the German bank will take longer than one with UBS, however.

“Any potential deal will be littered with complexity, litigation protections being one, with the situation to remain fluid but with clarity necessary before Monday,” Thomas Hallett, a KBW analysts wrote to clients on Saturday.

The post UBS Seeks About $6 Billion As It Mulls Credit Suisse Takeover appeared first on theprimarymarket.com.

European futures rose on Thursday morning by 2%, while contracts on the S&P 500 gained 0.5%. Asian markets, in contrast, experienced widespread declines, with MSCI’s index of Asia-Pacific shares outside Japan falling by 1% to its lowest this year. Japan’s bank shares were hit by a 4% decline while the Nikkei was 1.3% lower on Thursday morning.

In addition to banking institutions, insurers, miners, and consumer stocks were among the hardest hit during the morning session. In contrast, U.S. bonds have strengthened, with two-year U.S. Treasuries en route to hitting their best week since 1987.

The euro stood at $1.0601 during the morning session, while the yen rose approximately 0.5% to 132.75 per dollar. The New Zealand dollar fell 0.4% to $0.6161.

The post Stocks Steady As Credit Suisse Borrows Cash From Central Bank appeared first on theprimarymarket.com.

“State Street is not pursuing an acquisition of, or any other business combination with, Credit Suisse,” said the statement.

The news about a potential Credit Suisse takeover first surfaced on Inside Paradeplatz. The website claimed that State Street is ready to offer CHF9 ($9.05) per share at a premium of more than 30 percent. This would place the total value of CHF23 billion ($23.13 billion) on Credit Suisse.

Initially, both State Street and Credit Suisse denied making comments on the reports. In the aftermath, Credit Suisse stock has seen a rare spike of around 3.8 percent in Switzerland. On the other hand, State Street stock dipped around 5 percent in the United States.

Even though State Street is not pursuing a deal for Credit Suisse, that doesn’t mean some other suitor won’t come along soon. There seems to be an interest among shareholders in finding a new owner, although any potential deal would depend on the price.

“For the right buyer [or] price, we would be supportive,” said David Herro of Harris Associates; one of the top three shareholders in Credit Suisse.

The post State Street Denies Credit Suisse Takeover appeared first on theprimarymarket.com.

“This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” UBS chair Colm Kelleher said of the deal.

Futures on the S&P 500 edged 0.1% down during Monday’s morning session with the Nasdaq Composite Index declining 0.2%. In contrast, the Dow Jones Industrial Average gained 0.3%.

Banking stocks embarked on a gradual recovery following news of the UBS acquisition, with the KBW Bank Index rising on Monday. Among the banking stocks that experienced gains are Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

While two-year yields remained mostly unchanged, the benchmark 10-year U.S. Treasury note advanced by 3.4%, thereby indicating a recovery from Friday’s losses.

The post Stocks Decline Following Credit Suisse Takeover appeared first on theprimarymarket.com.

“I don’t know if I get to stay, leave, or should I consider my options now?” one Southeast Asian-based banker commented. The banker also mentioned the pressure being faced due to clients requesting answers within 24 hours regarding the deal with larger rival UBS.

Late on Sunday, Swiss officials facilitated the 3 billion Swiss francs ($3.24 billion) takeover of Credit Suisse by UBS. The deal was backed with state funding.

Credit Suisse had been losing market share to UBS as well as major U.S. banks over the past few years, however, the bank remained the second-largest wealth manager in Asia, only behind UBS.

Over 50,000 people are employed by Credit Suisse across its wealth management, investment banking, and asset management operations. The bank operates over 150 offices in more than 50 countries.

The post Credit Suisse Staff Express Uncertainty Despite Rescue Deal appeared first on theprimarymarket.com.

Should both parties agree to all the terms of the deal, the acquisition could be closed as soon as Sunday evening. This comes after UBS submitted an offer of 0.25 Swiss francs ($0.27) a share to be paid in UBS stock. It was reported that any potential deal would be priced at a fraction of the 1.86 Swiss francs that Credit Suisse shares closed at on Friday afternoon.

Included in the offer is a “material adverse change” condition that UBS insisted on whereby the deal would be scrapped in the instance that Credit Suisse’s credit default spreads jump by 100 basis points or more. The Swiss government is reportedly looking to offer a guarantee against the risks involved in the deal.

Credit Suisse declined to comment on the deal, while UBS and the Swiss government could not be reached for comment.

The post UBS Formally Submits Offer To Buy Credit Suisse appeared first on theprimarymarket.com.

The report, which came courtesy of Bloomberg News, was followed up with a telephone interview with BlackRock spokesperson Ryan O’Keeffe, who claimed that Hildebrand has not had any involvement in these discussions up until this point.

Hildebrand, who joined the New York-based BlackRock in 2012, previously served as the chairman of the governing board of the Swiss National Bank. He also served as a member of the Financial Stability Board during his time with the Swiss National Bank, being appointed vice chairman in 2011.

Initially believed to be preparing a counteroffer against UBS, BlackRock has confirmed that it will not look to acquire Credit Suisse. Instead, UBS remains the frontrunner, with Swiss officials eager to complete a deal in order to prevent the destabilization of the global financial system.

The post BlackRock Reportedly Intervenes In UBS, Credit Suisse Talks appeared first on theprimarymarket.com.

According to several sources, the government guarantees would be used to cover potential litigation charges as well as winding down certain parts of the bank. Swiss regulators are hoping to resolve the bank’s issue before markets open on Monday.

Currently valued at approximately $8 billion, Credit Suisse may have to axe as many as 10,000 jobs if it combines with UBS in a takeover deal. Talks between representatives of UBS and Credit Suisse are ongoing, with several strategies still under consideration.

Joining UBS in a race to acquire Credit Suisse Group AG is Deutsche Bank, several sources have revealed. Any potential deal with the German bank will take longer than one with UBS, however.

“Any potential deal will be littered with complexity, litigation protections being one, with the situation to remain fluid but with clarity necessary before Monday,” Thomas Hallett, a KBW analysts wrote to clients on Saturday.

The post UBS Seeks About $6 Billion As It Mulls Credit Suisse Takeover appeared first on theprimarymarket.com.

European futures rose on Thursday morning by 2%, while contracts on the S&P 500 gained 0.5%. Asian markets, in contrast, experienced widespread declines, with MSCI’s index of Asia-Pacific shares outside Japan falling by 1% to its lowest this year. Japan’s bank shares were hit by a 4% decline while the Nikkei was 1.3% lower on Thursday morning.

In addition to banking institutions, insurers, miners, and consumer stocks were among the hardest hit during the morning session. In contrast, U.S. bonds have strengthened, with two-year U.S. Treasuries en route to hitting their best week since 1987.

The euro stood at $1.0601 during the morning session, while the yen rose approximately 0.5% to 132.75 per dollar. The New Zealand dollar fell 0.4% to $0.6161.

The post Stocks Steady As Credit Suisse Borrows Cash From Central Bank appeared first on theprimarymarket.com.

“State Street is not pursuing an acquisition of, or any other business combination with, Credit Suisse,” said the statement.

The news about a potential Credit Suisse takeover first surfaced on Inside Paradeplatz. The website claimed that State Street is ready to offer CHF9 ($9.05) per share at a premium of more than 30 percent. This would place the total value of CHF23 billion ($23.13 billion) on Credit Suisse.

Initially, both State Street and Credit Suisse denied making comments on the reports. In the aftermath, Credit Suisse stock has seen a rare spike of around 3.8 percent in Switzerland. On the other hand, State Street stock dipped around 5 percent in the United States.

Even though State Street is not pursuing a deal for Credit Suisse, that doesn’t mean some other suitor won’t come along soon. There seems to be an interest among shareholders in finding a new owner, although any potential deal would depend on the price.

“For the right buyer [or] price, we would be supportive,” said David Herro of Harris Associates; one of the top three shareholders in Credit Suisse.

The post State Street Denies Credit Suisse Takeover appeared first on theprimarymarket.com.