POST Online Media Lite Edition


TSSP buys distressed credit assets from Credit Suisse in $1.27bn deal

Staff writer |
TSSP announced the acquisition of credit assets including a part of Credit Suisse's distressed credit portfolio for approximately $1.27 billion, utilizing no portfolio leverage.

Article continues below

The Credit Suisse distressed portfolio purchased by TSSP is comprised of over 270 instruments across asset types and geographies relating to approximately 170 companies.

As previously disclosed, the Credit Suisse Global Markets division has accelerated its strategic implementation of a business model that is better aligned to the overall Group strategy with lower risk appetite and reduced volatility, for the benefit of their core clients and shareholders.

This transaction reduces Credit Suisse's overall distressed credit exposure by $1.24 billion.

In addition to the $99 million of writedowns disclosed in respect of the overall distressed portfolio on March 23, this transaction has resulted in a further charge of approximately $100 million, the bulk of which will be reflected in Credit Suisse's 1Q results.

These results are due to be announced on May 10 and a full update on Credit Suisse's distressed credit exposure will be provided at that time.

What to read next

Credit Suisse sells German privat bank unit to ABN AMRO
Credit Suisse to buy Morgan Stanley's wealth businesses in EMEA
Tax probe: Credit Suisse raided, client assets seized