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UBS offers to buy back bonds sold days before Credit Suisse deal

UBS Group is offering to buy back 2.75 billion euros (S$3.95 billion) worth of bonds it issued last Friday, just days before the bank said it would acquire troubled rival Credit Suisse Group following hastily arranged crisis talks.

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Singapore banks do not share similar risks leading to Credit Suisse AT1 write-off: CGS-CIMB

THE conversion of Credit Suisse’s Additional Tier 1 (AT1) bonds into equity was likely “idiosyncratic” in nature, and does not reflect the outcome of other AT1 securities in the system – which include those issued by Singapore banks, CGS-CIMB said on Tuesday (Mar 21).

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In just over a week, four banks have failed. Are there more land mines waiting to blow up other banks?

1. What happened? SILVERGATE Capital in the US was the first to collapse, done in by its exposure to the crypto industry’s meltdown. Silicon Valley Bank (SVB) was next, killed by the amount and speed of withdrawals by its startup-centred customers.

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Citadel Securities boosts China presence as peers cut costs

CITADEL Securities is planning to bolster business in China while it hires across Asia, expanding in the region at a time when most financial firms are cutting costs.

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Credit Suisse staff face more deferred pay pain on Swiss ban

CREDIT Suisse Group’s bankers had deferred bonuses frozen by the Swiss government, adding pain to awards that were already decimated by the firm’s share plunge.

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Circle USDC stablecoin redemptions rise to about US$6 billion

CUSTOMERS are continuing to redeem Circle’s USD Coin stablecoin at a greater pace than buying it even after the firm recouped deposits that were caught up in the collapse of Silicon Valley Bank.

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Silicon Valley Bank’s former owner, FDIC bracing for fight over US$2 billion

SVB Financial Group and the federal regulator that closed its Silicon Valley Bank unit indicated at a bankruptcy court hearing on Tuesday (Mar 21) that a fight is looming over US$2 billion of the former parent company’s cash that was seized along with the lender.

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First Republic rescue may rely on US backing to facilitate deal

WALL Street leaders and US officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal that would shore up the lender, people with knowledge of the situation said.

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ECB’s Lagarde says digital euro has key role in payment autonomy

A DIGITAL euro has a key role to play in safeguarding European payment autonomy, according to European Central Bank President Christine Lagarde.

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Credit Suisse’s Singapore assets represent 1.6% of local banking sector: MAS

THE Singapore branch of Credit Suisse has total assets amounting to about S$38 billion as of Feb 28, 2023, representing 1.6 per cent of the total assets of Singapore’s banking sector, said a spokesperson from the Monetary Authority of Singapore (MAS).

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