Surveillance Special: UBS to Buy Credit Suisse
Bloomberg Surveillance
Bloomberg
3.8 ā¢ 1.2K Ratings
šļø 19 March 2023
ā±ļø 140 minutes
šļø Recording | iTunes | RSS
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Summary
UBS agreed to buy Credit Suisse in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. Bloomberg Surveillance broke the news and got analysis from:
- Mohamed El-Erian, Bloomberg Opinion columnistĀ
- Joost Beaumont, head of bank research at ABN Amro BankĀ
- Peter Tchir, head of macro strategy at Academy SecuritiesĀ
- Bob Michele, chief investment officer of fixed income at J.P. Morgan Asset ManagementĀ
- Mark Naur, a strategist at Danske BankĀ
- Seema Shah, Principal Asset Management chief global strategistĀ
- Greg Peters, PGIM Fixed Income co-chief investment officerĀ
- Steve Pagliuca, Bain Capital Private Equity senior advisorĀ
Hosted by Jonathan Ferro and Lisa Abramowicz
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Transcript
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| 0:00.0 | This solution is the takeover of Credit Suits by UBS. |
| 0:08.0 | The bankruptcy of Credit Suits would have had a collateral damage, a huge collateral damage |
| 0:14.0 | on the Swiss financial market. |
| 0:16.0 | This really is a crisis of confidence. |
| 0:20.0 | And so that's also why the solution is not the classical, too big to fail solution. |
| 0:27.0 | Here we had a problem of liquidity, so it is not typical at all. |
| 0:31.0 | The combination of the two banks further strengthens UBS's position as a leading global wealth manager. |
| 0:39.0 | And the instance is specialization of Bloomberg surveillance with Jonathan Garou and Lisa Roberts. |
| 0:45.0 | A life from New York coming up on the program, avoiding another weekend-cliff edge UBS |
| 0:50.0 | agreeing to buy Credit Suits. |
| 0:52.0 | The Swiss government brokering a deal for more than three billion Swiss as officials worldwide race |
| 0:57.0 | to restore confidence in a financial system. |
| 1:00.0 | Lisa Roberts, have we created a monster or found a solution? |
| 1:04.0 | It's a great question. Let's define the monster. |
| 1:06.0 | On one hand, you've got the monsters of moral hazard, which it seems like this has been created. |
| 1:11.0 | On the other hand, you have this question around, does it create more uncertainty at a time |
| 1:15.0 | where people are wondering, is this it? |
| 1:17.0 | The unknown right now in terms of the monster is whether we see ongoing accelerating panic |
| 1:21.0 | and markets on the heels of what we saw over the weekend. |
| 1:24.0 | To be fair quite clearly, Lisa, is who's next? |
| 1:26.0 | Last weekend we're dealing with SVB and signature bank. |
| 1:28.0 | This week we did a McCredits Swiss. |
... |
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