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Credit Suisse says has around 27 bln Sfr of recapitalization resources
July 6, 2015 / 9:21 PM / 2 years ago

Credit Suisse says has around 27 bln Sfr of recapitalization resources

ZURICH, July 6 (Reuters) - Credit Suisse has issued around 27 billion Swiss francs ($28.66 billion) in securities to shore up its defences in the event of an economic downturn.

In a submission to the U.S. Federal Reserve about how it would shut down its business in the United States during a crisis, Credit Suisse said it had a mixture of coco bonds -- securities that absorb losses in a potential crisis -- and loss-absorbing bonds known as TLAC.

“As of the end of May 2015, we had already issued 16.8 billion francs of capital instruments with contractual triggers, which are commonly referred to as coco bonds, and recently augmented this by issuing 10 billion francs of senior unsecured debt expected to qualify as TLAC, for approximately 27 billion francs of recapitalization resources,” Zurich-based Credit Suisse said in the document published on Monday.

$1 = 0.9422 Swiss francs Reporting by Joshua Franklin

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