Report: Citigroup buys credit-default swap portfolio from Credit Suisse
Report: Citigroup buys credit-default swap portfolio from Credit Suisse
Aug 5 2016, 14:56 ET | About: Credit Suisse Group AG (CS) | By: Jason Aycock, SA News Editor
Citigroup (C +3.5%) is the buyer of a portfolio of credit-default swaps from Credit Suisse (NYSE:CS) which is pulling out of some securities businesses in a reshaping, Bloomberg reports.
The gross notional value of the portfolio is said to be about $380B, and last week Credit Suisse said selling it would reduce its leverage exposure by $5B.
Citigroup had bought a similar batch of credit derivatives (about $250B in notional value) from Deutsche Bank last year, and it has more total derivatives than any other U.S. lender....
Source:
http://seekingalpha.com/news/3200795-report-citigroup-buys-credit-default-swap-portfolio-credit-suisse?source=email_rt_mc_title&uprof=82
More information from Bloomberg:
http://www.bloomberg.com/news/articles/2016-08-05/citigroup-said-to-buy-derivatives-portfolio-from-credit-suisse