Credit Suisse takeover, central bank action calm jittery markets

(Reuters) – Moves by authorities to avert a global banking crisis appeared to have lifted market confidence on Monday as investors welcomed emergency dollar liquidity from top central banks and a historic Swiss-backed acquisition of troubled Credit Suisse by UBS Group.

（路透社）——周一，当局为避免全球银行业危机而采取的举措似乎提振了市场信心，因为投资者对主要央行提供的紧急美元流动性以及瑞银集团历史性地收购陷入困境的瑞士信贷表示欢迎。

In a package orchestrated by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG and assume up to $5.4 billion in losses.

在瑞士监管机构周日精心策划的一揽子计划中，瑞银集团将支付 30 亿瑞士法郎（32.3 亿美元）收购拥有 167 年历史的瑞士信贷集团，并承担高达 54 亿美元的损失。

Major central banks, faced with the risk of a fast-moving loss of confidence in the financial system, also scrambled on Sunday to bolster the flow of cash around the world with a series of coordinated currency swaps to ensure banks have the dollars needed to operate.

主要央行面临着对金融体系信心迅速丧失的风险，周日也争先恐后地通过一系列协调一致的货币互换来加强全球现金流动，以确保银行拥有运营所需的美元.

The Swiss banking marriage is backed by a massive government guarantee, helping prevent what would have been one of the largest banking collapses since the fall of Lehman Brothers in 2008.

瑞士银行联姻得到了政府的大规模担保支持，帮助防止了自 2008 年雷曼兄弟倒闭以来最大的银行业倒闭事件之一。

Financial markets staged a modest relief rally in Asia on Monday but are wary about a range of risks including contagion, the fragile state of U.S. regional banks, and moral hazard.

金融市场周一在亚洲上演了温和的反弹，但对一系列风险保持警惕，包括蔓延、美国地区银行的脆弱状况和道德风险。

“Policy makers will be hoping that the weekends UBS buyout of troubled Credit Suisse will draw a line under recent market stresses,” said Brian Martin, ANZ head of G3 economics in London.

“政策制定者将希望瑞银周末收购陷入困境的瑞士信贷将在近期的市场压力下划清界限，”伦敦澳新银行 g3 经济主管布赖恩马丁表示。

“Central banks were already facing the conundrum of ‘how much is enough？’ in the face of resilient labour markets, given the lags with which their policy decisions affect economies. They now have a new conundrum: ‘how much is too much？’ for financial stability？”

“鉴于其政策决策对经济的影响存在滞后性，面对富有弹性的劳动力市场，中央银行已经面临‘多少才足够？’的难题。他们现在有一个新的难题：‘多少算太多？’为了金融稳定？”

Pressure on UBS helped seal Sundays deal.

对瑞银的压力帮助敲定了周日的交易。

“Its a historic day in Switzerland, and a day frankly, we hoped, would not come,” UBS Chairman Colm Kelleher told analysts on a conference call. “I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders,” Kelleher said.

“这是瑞士具有历史意义的一天，坦率地说，我们希望这一天不会到来，”瑞银董事长科尔姆凯莱赫在电话会议上对分析师表示。 “我想明确表示，虽然我们没有发起讨论，但我们相信这笔交易对瑞银股东来说在财务上具有吸引力，”凯莱赫说。

UBS CEO Ralph Hamers said there were still many details to be worked through.

瑞银首席执行官拉尔夫哈默斯表示，仍有许多细节需要解决。

“I know that there must be still questions that we have not been able to answer,” he said. “And I understand that and I even want to apologise for it.”

“我知道肯定还有我们无法回答的问题，”他说。 “我明白这一点，我什至想为此道歉。”

In a global response not seen since the height of the pandemic, the Fed said it had joined central banks in Canada, England, Japan, the EU and Switzerland in a coordinated action to enhance market liquidity. The European Central Bank vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was “instrumental” in restoring calm.

美联储表示，它已与加拿大、英国、日本、欧盟和瑞士的中央银行采取协调行动，以增强市场流动性，这是自大流行高峰以来未见的全球反应。欧洲央行誓言如有必要，将通过贷款支持欧元区银行，并补充说，瑞士对瑞信的救助“有助于”恢复平静。

Unresolved issues

尚未解决的问题

Problems remain in the U.S. banking sector, where bank stocks remained under pressure despite a move by several large banks to deposit $30 billion into First Republic Bank, an institution rocked by the failures of Silicon Valley and Signature Bank.

美国银行业仍然存在问题，尽管几家大型银行采取行动向第一共和银行存入 300 亿美元，但银行股仍面临压力，该机构因硅谷和 signature bank 的倒闭而受到冲击。

On Sunday, First Republic saw its credit ratings downgraded deeper into junk status by S&P Global, which said the deposit infusion may not solve its liquidity problems.

周日，第一共和国 (first republic) 的信用评级被标准普尔全球下调至垃圾级别，称注入存款可能无法解决其流动性问题。

U.S. bank deposits have stabilized, with outflows slowing or stopping and in some cases reversing, a U.S. official said on Sunday, adding the problems of Credit Suisse are unrelated to recent deposit runs on U.S. banks and that U.S. banks have limited exposure to Credit Suisse.

一位美国官员周日表示，美国银行存款已经稳定，资金流出放缓或停止，在某些情况下出现逆转，并补充说瑞士信贷的问题与近期美国银行的存款挤兑无关，美国银行对瑞士信贷的敞口有限。

The U.S. Federal Deposit Insurance Corp (FDIC) is planning to relaunch the sale process for Silicon Valley Bank, with the regulator seeking a potential breakup of the lender, according to people familiar with the matter.

据知情人士透露，美国联邦存款保险公司 (fdic) 计划重启硅谷银行的出售流程，监管机构寻求可能拆分这家银行。

There are also concerns about what happens next at Credit Suisse and what that means for investors and employees.

还有人担心瑞士信贷接下来会发生什么，以及这对投资者和员工意味着什么。

UBS chairman Kelleher told a media conference that it will wind down Credit Suisses investment bank, which has thousands of employees worldwide. UBS said it expected annual cost savings of some $7 billion by 2027.

瑞银董事长凯莱赫在一次媒体会议上表示，它将关闭瑞士信贷投资银行，该银行在全球拥有数千名员工。瑞银表示，预计到 2027 年每年可节省约 70 亿美元的成本。

The Swiss central bank said Sundays deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse.

瑞士央行表示，周日的交易包括向瑞银和瑞士信贷提供 1000 亿瑞士法郎（1080 亿美元）的流动性援助。

Credit Suisse shares had lost a quarter of their value last week. The bank was forced to tap $54 billion in central bank funding as it tries to recover from scandals that have undermined confidence.

上周，瑞士信贷股价下跌了四分之一。该银行被迫动用 540 亿美元的中央银行资金，试图从削弱信心的丑闻中恢复过来。

Under the deal with UBS, some Credit Suisse bondholders are major losers. The Swiss regulator decided that Credit Suisse bonds with a notional value of $17 billion will be valued at zero, angering some of the holders of the debt who thought they would be better protected than shareholders in the takeover deal announced on Sunday.

根据与瑞银的交易，瑞士信贷的一些债券持有人成为主要输家。瑞士监管机构决定将名义价值为 170 亿美元的瑞信债券估值为零，这激怒了一些债券持有人，他们认为在周日宣布的收购交易中，他们会比股东得到更好的保护。

($1 = 0.9280 Swiss francs)

($1 = 0.9280 瑞士法郎)

(Reporting by Stefania Spezzati, Oliver Hirt and John ODonnell in Zurich; Additional reporting by Lananh Nguyen, Saeed Azhar and Hannah Langby and Reuters bureaus; Writing by Nick Zieminski and Sam Holmes; Editing by Lisa Shumaker and Muralikumar Anantharaman)

（stefania spezzati、oliver hirt 和 john odonnell 在苏黎世的报道；lananh nguyen、saeed azhar 和 hannah langby 以及路透社的补充报道；nick zieminski 和 sam holmes 撰写；lisa shumaker 和 muralikumar anantharaman 编辑）