Credit Suisse shares jumped 20% after the bank said it would tap a more than $50 billion loan from the Swiss National Bank, but analysts remained wary about the lender’s prospects
, Credit Suisse said its “volume of duration fixed income securities is not material” relative to its holdings of high-quality liquid assets such as Treasurys and German bunds. The bank said it “is fully hedged for moves in interest rates.”
The bank suffered massive outflows of customer deposits in recent months that had failed to reverse. Nevertheless, the bank said it has maintained key capital ratios and had ample back-up cash. Credit Suisse also said it would buy back some debt securities in a bid to reduce interest expense and take advantage of the depressed prices of many of its bonds. The firm said tender offers would cover 10 senior U.S. dollar bonds worth $2.5 billion and four senior euro bonds worth 500 million euros, or about $530 million.
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