Global Investments, an SGX-listed company investment firm, says it holds the so-called AT1 bonds issued by Credit Suisse that is equivalent to 2.33% of its own NAV as at Dec 31 2022.
Under the rescue deal put together by Swiss regulators, holders of some CHF16 billion worth of these “Additional Tier 1” bonds issued by Credit Suisse would be wiped out.
According to Global Investments, its NAV as at Dec 31 2022 was 16.82 cents per share, a drop of 10.86% from FY2021’s 19.33 cents per share.
“The company has no current banking relationship with Credit Suisse. The company’s portfolio does not comprise any shares issued by CS or its subsidiaries,” adds Global Investments in its announcement made via SGX.
The company is chaired by Boon Swan Foo, who was a former CEO of ST Engineering.
Global Investments shares gained 5% thus far on March 21 to trade at 11 cents.
