Credit Suisse corporate bond horror ~
瑞士信貸/矽銀 公司債驚魂記 ~
(轉貼自五專時代同學的FB)
節節高昇的利率已經到令人心癢癢的興起賺簡單利息錢的欲望，今年一月時才後知後覺的知道原來不少公司債的利息比定存還高不少，準備進場時先看到的是SVB(矽銀）, 評級是A, 利率高達6%以上，立馬變成首選。但隔天要下單時居然不見了！於是就選了第二高的瑞士信貸，5.5%，評級A-. 以為從此就等著輕鬆收錢吧！
沒想到兩個月後，就這麼巧，兩家相中的公司接連出事（想想，真會選啊！😭), 先是矽銀周轉不靈，被強迫破産清算，正在慶幸當初沒買到時。才高興了兩天，瑞士信貸卻也出了問題。
幾乎就在瑞士央行同意500億美元融資的同時，公司債的股東就收到通知，公司願以九折面額價買回債卷，限五天內提出申請。心中還在糾結要不要認賠10趴了結時，在第四天一大早，CNBC刊出聳動的英文標題“瑞銀被強制以40%市價接手瑞士信貸，瑞信170億美元公司債全數歸零”。看了差點從床上掉下來！😯趕緊讀了內容才知打掉的是AT1型的公司債，（收益居然高達7.6%！） 可當天還是決定要認賠那10%，申請公司買回，結果call了熱線，一直響沒人接。但當天債劵市場交易價格居然回昇了，到了第五天更是接近到買價，於是又改變計劃，趕緊放到市場開原價拍賣，最後終於在隔天歐洲市場開市時順利出貨。總結起來可說是謝天謝地，要是當天真買到了矽銀，那可慘了，拿回的機會渺茫！ 好在瑞士聯儲採取的是強制轉賣給瑞銀，讓瑞銀承接信貸的公司債，價格才開始出現反彈，但誰知道情況會不會再更惡化？趁著機會殺出，免得夜長夢多！
結論:
一款人，一種命，命格不同，有些財，是看得到，卻賺不到，到頭來白忙一場！ 🤦
Decide to make some easy money, start looking for a higher rate of corporate bonds. First saw SVB, with a 6% plus annual returns, but, it's gone at the time I am ready to place the order. So, I ended up buying Credit Suisse at a 5.5% rate. .
Two months later, bad news come, the SVB was being forced to shut down (thank God I missed the deal on January 😯).
Then, this past Monday morning, CNBC's headline "UBS was forced to buy out Credit Suisse , wipe out $17B from bondholders", Make me almost fell out from bed that morning
After reading the content, it's just the AT1 bond that got wiped out. But, before the UBS buy out news, the company already sent a 10% discount buy back offer to the bondholders, wanting bondholders to accept the offer in 5 days. While I was thinking about surrendering the offer to take 10% loss. The bond price started bouncing back, so I put a sale to the market right away, instead of surrendering to the discount offer.
I finally sold at the same price I bought.What a relief!!! 😌
The lesson learned, I need to do more homework and not be too greedy!!!
