Credit Suisse perpetual securities’ prices fall to distressed levels

SINGAPORE banks’ exposure to beleaguered Credit Suisse may be “insignificant’’, as the Monetary Authority of Singapore has indicated. But this is likely far from true among private clients who hold its perpetual bonds.

The bank remains under immense pressure even as it tapped the 50-billion Swiss francs (S$72.7 billion) liquidity facility from the Swiss National Bank (SNB). It has also offered to buy back US$3 billion of senior debt.

The light at the end of Credit Suisse’s tunnel may well be its rival UBS.