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“下一個倒下的大行”刷屏,瑞信高管週末緊急安撫內外部:別慌,還有千億資本金!
uSMART盈立智投 10-03 11:43

在深陷泥潭之際,瑞信正試圖平息市場恐慌。

來源:華爾街見聞

近日,金融市場流傳着一則一間大型投行瀕臨破產的消息,瑞士信貸則是市場猜測最多的機構。受一系列危機影響,瑞信股價今年以來已經下跌超過60%。

據媒體週日報道,爲了安撫投資者,瑞信高管向大客戶、交易對手和投資者重申了其堅實的流動性和資本狀況。瑞信首席執行官 Ulrich Körner 在備忘錄中向員工表示,該行擁有接近1000億美元的資本緩衝,並預計在今年剩餘時間裏,其最高質量的普通股權一級資本比率(CET1)將繼續保持在13%-14%。

瑞信將於10月27日公佈最新戰略,概述投行業務計劃,目前正處於一個關鍵時刻。Körner 稱,不要將其股價表現與資本實力和流動性混爲一談。

對於這番表態,網友諷刺稱,在2008年全球金融危機導致雷曼兄弟破產時,雷曼兄弟的CFO也說過同樣的話。

媒體看到的數據顯示,截至6月底,瑞信的高質量流動資產約爲2380億美元。一位知情人士稱,從那以後,這一數字一直沒有發生實質性變化。根據瑞信第二季度的財報,截至6月底,其槓桿風險敞口約爲8730億美元。

投資者對瑞信經營健康狀況的擔憂主要集中在其槓桿融資投資組合上。瑞信稱,截至6月30日,其槓桿融資投資組合總額爲59億美元;投資者的另一個關注領域是其證券化產品部門,該部門在抵押貸款債券和資產融資方面的總敞口約爲750億美元。

Körner 在備忘錄中還將瑞信比作一隻“正在崛起的鳳凰”,將長期持續發展下去。

近年來,瑞信受到間諜醜聞、投資基金關閉、創紀錄的交易虧損和一連串訴訟的打擊,讓該行一步步地與華爾街一線投行夢漸行漸遠。僅 Archegos 爆倉這一金融災難,就讓瑞信蒙受了51億美元的損失。上個月,瑞信還被分析師下調了一系列評級,這提高了其借貸成本。

標普全球市場情報公司的數據顯示,瑞信的五年期信用違約掉期指數(CDS)在上週五直線飆升超過250個基點,爲至少10年來的最高水平。衍生品交易員們正在瘋狂對衝該行的違約風險。

CDS違約掉期價格越高,說明違約概率越大。而今年年初,瑞信的CDS價格僅爲57個基點。

此前有媒體援引知情人士稱,瑞信正在向投資者尋求增資意向,並考慮分拆投行業務等激進的選擇。但市場狀況的惡化表明,瑞信可能難以發行新股,爲計劃中的分拆重組籌集資金,其融資成本可能大幅上升。

瑞信的市值目前跌至約100億瑞士法郎,意味着任何股份出售都將對長期持有者造成高度稀釋。

但瑞信的一名高管否認了有關該行就可能籌集資金正式與投資者洽談的消息,堅稱在其股價處於歷史地位、且評級下調導致借款成本上升的情況下,瑞信試圖避免這樣的舉措。

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