Credit Suisse Group AG

Has a Bankruptcy Credit Event occurred with respect to Credit Suisse Group AG?

The EMEA DC has determined that a Bankruptcy Credit has not occurred. See decision and statement to the right.

The DC question has been raised in respect of Standard European Corporate, Standard European Financial Corporate and Standard European CoCo Financial Corporate Transaction Types. In respect of the Financial Transaction Types, the DC question relates to both the Senior and Subordinated Level.

In particular, the Eligible Market Participant who submitted the question has requested that the EMEA DC consider whether a Bankruptcy Credit Event has occurred with respect to Credit Suisse Group AG under Section 4.2(b) or 4.2(h) of the 2014 Definitions.

The Eligible Market Participant who submitted the question provided the following links in support of their question:

Swiss Federal Council press release re UBS takeover of Credit Suisse – March 19, 2023
Speech by Axel P. Lehmann - Chairman of the CS Board of Directors – April 4, 2023
Swiss Finance Minister Karin Keller-Sutter interview with Zurich NZZ Newspaper – 25 March 2023
UBS SEC filing of preliminary prospectus re: UBS and CS merger – May 16, 2023
Guidelines of the Swiss National Bank on monetary policy instruments of 25 March 2004 (as at 5 May 2023)
Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks (English language version) – March 16, 2023
Amendment to Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks (English language version) – March 19, 2023
Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks (official version) as at 20 March, 2023
CS 1Q 2023 Earnings Release published April 24, 2023
UBS Takeover of Credit Suisse: Figures Overview - Last Updated May 2, 2023
Information Memorandum U.S.$1,650,000,000 9.750 per cent. Perpetual Tier 1 Contingent Write-down Capital Notes, June 23, 2022

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Additional Information

Issue Number:

2023051801

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  DC Decision
  EMEA DC Meeting Statement - 22 May 2023
  The EMEA Credit Derivatives Determinations Committee (the DC) met on 19 May 2023 and 22 May 2023 to discuss whether or not a Bankruptcy Credit Event had occurred for the purposes of (i) the Standard European Corporate Transaction Type; and (ii) Senior and Subordinated Transactions on each of the Standard European Financial Corporate Transaction Type or the Standard European CoCo Financial Corporate Transaction Type that in each case specify Credit Suisse Group AG as the Reference Entity.
  The DC reviewed the public information submitted with the question and was of the view that such information did not confirm that a Credit Event had occurred under Section 4.2 of the 2014 Definitions, including under limb (b) or (h). Accordingly the DC determined that a Bankruptcy Credit Event had not occurred.
  Note: Credit Suisse was not part of the Convened DC in respect of this DC Question as it abstained under the DC Rules.
  5/22/2023 12:10pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 19 May 2023
  The EMEA DC met today to commence discussions in relation to the DC Question. Given the large volume and number of sources of information cited by the question submitter, the EMEA DC agreed to meet again on Monday 22 May 2023 to continue discussions.
  Note: Credit Suisse is not part of the Convened DC in respect of this DC Question as it abstained under the DC Rules.
  5/19/2023 10:35am EDT
- Request Accepted by DC
  
  5/18/2023 10:55am EDT
- Pending DC Consent
  
  5/18/2023 08:40am EDT