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In a first since the rescue of Credit Suisse, Spain's BBVA and Bank of Cyprus tested demand for euro-denominated contingent convertible (CoCo) bonds on Tuesday.
(Bloomberg) -- The market for the riskiest type of bank debt in Europe is back open for business three months after the turmoil caused by a controversial wipeout of Credit Suisse Group AG’s bonds.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyUS Inflation Slows, Giving Room for Fed to Pause Rate HikesPutin’s Economic Forum Puts Russia’s Isolation on DisplayAmericans Say They Need $2.2 Million
The sudden collapse of Switzerland’s investment standout, Credit Suisse, in March shook the financial industry. Although former competitor UBS came to the rescue and bought it out, not all investors escaped the fray unscathed and are launching legal challenges. What was behind the bank’s demise, and how will it impact the financial sector?
The decision in this regard was taken by the central board of the bank, the country's largest lender said in a stock exchange filing.
The raising of funds will only be possible after the government of India gives a nod.