Levfin losses and deriv hedges weigh on Credit Suisse

CreditSuisse_PA_575x375_23April2020
By Jasper Cox
23 Apr 2020

Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.

Credit Suisse said that its non-investment grade underwriting exposure had come down from $11.7bn in the last quarter of 2015 to $7.3bn in the quarter just gone.

But its revenues were still dented by that mark-to-market loss, as well as $165m of mark-to-market losses in its financing group ...

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