LONDON, Oct 4 (Reuters) – Credit Suisse bonds recovered on Tuesday from their sharp sell-off in the previous session with many issues up more than 2 cents.
Dollar-denominated Additional Tier 1 (AT1) bonds issued by the embattled Swiss lender gained 2.6 cents to be bid at 58.35 cent on the dollar, Tradeweb data showed.
That AT1 5.1% issue – a type of contingent convertible (CoCo) bond deemed to be the riskiest debt banks can issue – had sunk to a record low of just over 50 cents on Monday.
Credit Suisse euro-denominated bonds also recovered some of their losses with longer-dated maturities gaining more than 2 cents and 2033 paper receiving bids at 62.0 cents on the euro, Tradeweb data showed.
Credit Suisse bonds and shares tumbled on Monday, under pressure from concerns about the bank’s ability to restructure its business without asking for more money.
Reporting by Karin Strohecker; editing by Amanda Cooper
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