Crisis still reverberating in Credit Suisse property bonds
Losses make up 11.4% of the bank's CMBS deals, 80% of which were done when property prices were at the peak
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CHANCES are that if you bought bonds backed by European real estate before the global financial crisis, you've lost money. And if those bonds were sold by Credit Suisse Group, the odds are even higher.
Holders of commercial mortgage-backed securities (CMBS) originated by Credit Suisse have incurred 1.2 billion euros (S$1.85 billion) of losses as at November, according to data compiled by Bloomberg. That's more than three times the losses on Royal Bank of Scotland Group Plc (RBS) deals at 353 million euros - the next highest amount - and the 295 million euros on notes from Lehman Brothers Holdings, which collapsed in 2008, the data shows.
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