Has a Bankruptcy Credit Event occurred with respect to Credit Suisse Group AG?
The EMEA DC has determined that a Bankruptcy Credit has not occurred. See decision and statement to the right.
The DC question has been raised in respect of Standard European Corporate, Standard European Financial Corporate and Standard European CoCo Financial Corporate Transaction Types. In respect of the Financial Transaction Types, the DC question relates to both the Senior and Subordinated Level.
In particular, the Eligible Market Participant who submitted the question has requested that the EMEA DC consider whether a Bankruptcy Credit Event has occurred with respect to Credit Suisse Group AG under Section 4.2(b) or 4.2(h) of the 2014 Definitions.
The Eligible Market Participant who submitted the question provided the following links in support of their question:
Swiss Federal Council press release re UBS takeover of Credit Suisse – March 19, 2023
Speech by Axel P. Lehmann - Chairman of the CS Board of Directors – April 4, 2023
Swiss Finance Minister Karin Keller-Sutter interview with Zurich NZZ Newspaper – 25 March 2023
UBS SEC filing of preliminary prospectus re: UBS and CS merger – May 16, 2023
Guidelines of the Swiss National Bank on monetary policy instruments of 25 March 2004 (as at 5 May 2023)
Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks (English language version) – March 16, 2023
Amendment to Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks (English language version) – March 19, 2023
Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks (official version) as at 20 March, 2023
CS 1Q 2023 Earnings Release published April 24, 2023
UBS Takeover of Credit Suisse: Figures Overview - Last Updated May 2, 2023
Information Memorandum U.S.$1,650,000,000 9.750 per cent. Perpetual Tier 1 Contingent Write-down Capital Notes, June 23, 2022