Credit Suisse (NYSE: CS), the troubled Swiss bank, announced that it will buy back around $2 billion of debt in relation to 12 U.S.-Dollar-denominated senior debt securities. This offer is likely to expire on November 10.
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This move is expected to reduce the bank’s debt burden, and it stated that it will optimize “interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices.”
In addition, the bank also stated that it was also buying back eight euro or pound sterling-denominated senior debt securities for a total consideration of around €1 billion. This offer will expire on November 3.
Is Credit Suisse a Buy?
The answer seems to be a definite no! Only one analyst has covered the stock in the past three months and has a Sell rating. The analyst has a price target of $4.50 on CS stock with an upside potential of 4.9% at current levels.
