Norway's Oil Fund Has Roughly 1.49% Stake in Credit Suisse, No AT1 Bond Exposure
March 20 2023 - 6:08AM
Dow Jones News
By Dominic Chopping
Norway's sovereign wealth fund had a 1.49% stake in Credit
Suisse Group AG at the end of 2022 and a 3.31% stake in UBS Group
AG, holdings that remain "approximately unchanged," it said
Monday.
UBS yesterday agreed to take over Swiss rival Credit Suisse for
more than $3 billion as regulators pushed for the deal in an effort
to calm declining confidence in the global banking system.
Credit Suisse shareholders will receive one UBS share for every
22.48 Credit Suisse shares held, but holders of around $17.3
billion of additional tier 1 bonds, or AT1s, will receive
nothing.
Norges Bank Investment Management, the arm of Norway's central
bank that manages the sovereign-wealth fund, commonly known as the
oil fund, said that it doesn't hold any Credit Suisse AT1
bonds.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 20, 2023 05:53 ET (09:53 GMT)
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