The Swiss bank's took in $1.9 billion in a swift cash call following Archegos' blow-up.
Zurich-based Credit Suisse is taking in 865 million Swiss francs ($945 million) in a first set of mandatory convertible notes to major investors and to super-rich individuals, and another 865 million in a second set to be opened to its regulator shareholders, in a statement.
This brings the Swiss bank's total cash call following a quarterly loss due to a hit on Archegos, a family office-cum-hedge fund which blew up at the end of last month, to more than $1.9 billion. The cash call was necessary to underpin Credit Suisse's surge in risk-taking in the first quarter.
Staunch Allies
The first group of undisclosed buyers of the notes, which convert into shares in six months, agreed to take up any shares not bought by Credit Suisse's wider investor base. Saudi Arabia's Olayans are staunch decades-long backers, as is Qatar and its ruling family, the al-Thanis.
With 5.2 percent of Credit Suisse's shares, Qatar is its largest shareholder. It is followed closely by the Olayan Group (4.93 percent) and by Harris Associates, a Natixis vehicle where U.S. fund manager Dave Herro is a long-time ally of the bank (5.17 percent).
