Bank on it/Credit Suisse reaches for SNB liquidity lifeline - RESEND to include disclosure letters

Credit Suisse will draw CHF50bn from the central bank liquidity facility to support its liquidity position. Credit Suisse offers support for its secondary OpCo debt with a tender offer focusing on the shorter end of the curve. The HoldCo curves are left to be driven by market forces. The usage of the liquidity facility sends a mixed signal. While it is comforting that the bank has access to liquidity it may need, it is also rather disturbing that it needs it. We remain cautious on the name.

Bank on it/The hawks are circling

The US bank collapses brought bank failures back to investors' radar, but Europeans have issues of their own to worry about. The FT writes that Credit Suisse[de] has asked for a public show of support from Swiss authorities today, after the 30% drop in its share price. We do not know the nature of this show of support and would remain very cautious with the bank's loss-absorbing debt.

Coffee, Croissants & Credit/ECB, Credit Suisse and Pernod Ricard

Strategy: Technical picture changes with APP ending – all eyes on meeting tomorrow

Negative signals for the US housing sector

Macro indicators for the construction sector, and the housing market in particular, have been poor recently. Homebuilders confidence has plummeted, housing sales and starts are stagnating at low levels. A sector so central to the economy appears to be frozen. President Trump has an idea for boosting the sector, and this would involve cutting Fed rates by 200-300bp in one fell swoop, in the hope of making the cost of mortgage borrowing bearable. His anti-Powell fury no doubt has something to do with this housing slump. It goes without saying that the Fed is not prepared to move that fast or th...

Oddo’s 2 Weeks Ahead_Friday 27 June 2025

Signaux négatifs pour le secteur immobilier US

Dernièrement, les indicateurs macro relatifs au secteur de la construction, en particulier le marché du logement, ont été mauvais. La confiance des promoteurs a chuté, les ventes et la production de logements stagnent à un bas niveau. Un secteur si central pour l’économie paraît gelé. Le président Trump a une idée pour lui redonner du tonus, ce serait de baisser les taux de la Fed de 200-300pdb d’un coup, dans l’espoir de rendre supportable le coût des emprunts immobiliers. Sa fureur anti-Powell a sans doute à voir avec ce marasme. La Fed n’est pas disposée à bouger si vite ni si fort il va sa...