Tag: credit suisse

Switzerland-based investment banking company Credit Suisse has stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients, a sign that scrutiny of the billionaire Gautam Adani's finances is growing after allegations of fraud by short-seller Hindenburg Research. According to the report, the Swiss lender's private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Electricity Mumbai Ltd. It had previously offered a lending value of about 75% for the Adani Ports notes. Other banks continue to lend against Adani's debt. At least two European private banks kept the level unchanged as of now, with one of those offerings to lend between 75% to 80% for Adani Ports dollar bonds. Read more

'Credit Suisse', the global research and brokerage house, has downgraded Indian equities from ‘overweight’ to ‘underweight’ citing soaring oil prices that hit a 14-year high of over $140 a barrel in trade yesterday (7th March 20222) “Because of its strong structural prospects and robust EPS momentum, we will look for opportunities to re-enter the market, but today we tactically cut our India position from overweight to underweight. Higher oil prices hurt the current account, add to inflationary pressures and increase sensitivity to Fed rate hikes,” said a note submitted to Credit Suisse. The funds excess available with Credit Suisse as a result of India's downgrade will be used to buy Chinese stocks, it said while upgrading the stocks to overweight (Market Weight earlier). Read more