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The Swiss lender quietly sold on a slice of the risk related to $2b of its “ultra-high-net-worth” client loans at the end of 2021. The securitization of the portfolio of loans to tycoons and oligarchs backed by their “jets, yachts, real estate and/or financial assets” was made by a unit of the bank that has previously been plagued with sanctions-related issues.
Following publication of this article, Credit Suisse said in a statement that the transaction “priced in line with other significant risk transactions, offered competitive investment and hedging terms for our professional investor clients while increasing the capital flexibility of the bank.”
https://www.ft.com/content/1a09d4e6-e3d6-40f9-903f-2771ad7e4e0a
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