Qatar Investment Authority Holding in Credit Suisse to Rebound
(Bloomberg) -- The Qatar Investment Authority’s stake in Credit Suisse Group AG is set to rebound after it subscribed to two convertible bonds, taking its holding to over 6%
Earlier this week, the Gulf nation cut its existing holding of 133 million shares to about 128 million shares or 4.8% of Credit Suisse. However, subscription to notes that convert to shares in November grants rights to another 1.168% stake, or an approximate 31 million in shares, according to a regulatory filing.
The Swiss lender raised $2 billion earlier this year from investors through the sale of the notes, in an effort to alleviate any concerns after the firm was hit by a pair of scandals that left it the worst-performing major bank stock in Europe.
Credit Suisse has been hit this year by the blow-ups of Archegos Capital Management and Greensill Capital, which caused billions of dollars in losses and further dents to its reputation.
©2021 Bloomberg L.P.