Investing
BlackRock sells asset-backed bonds from Credit Suisse’s books- Bloomberg News
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann
(Reuters) – Credit Suisse Group AG has hired BlackRock Inc (NYSE:) to help sell a portfolio of structured bonds for the Swiss bank, Bloomberg News reported on Thursday.
BlackRock’s Financial Markets Advisory group has been selling off securities over the last two weeks, including pieces of collateralized loan obligations, commercial mortgage bonds and niche asset-backed debt, Bloomberg reported, citing people with knowledge of the matter.
BlackRock declined to comment, while Credit Suisse did not immediately respond to a Reuters request for comment.
The move comes after the Swiss lender was acquired by UBS Group AG (SIX:) in a state-brokered deal.
Earlier this month, U.S. Federal Deposit Insurance Corporation (FDIC) retained BlackRock’s unit to sell the securities portfolios it kept in receivership after the collapse of Signature Bank (OTC:) and Silicon Valley Bank.
In March, law firm Pallas Partners told Reuters that they along with a Swiss council were working on possible legal action on behalf of some Credit Suisse AT1 bond investors whose holdings were wiped out following the bank’s takeover.
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