DUBAI (Reuters) – Qatar Investment Authority (QIA) stake in Credit Suisse is 6%, higher than earlier estimated, after it subscribed to two convertible notes, which will be converted into shares later this year, according to a regulatory filing.
The new filing with the U.S. Securities and Exchange Commission shows the Qatari fund was among the investors who subscribed to Credit Suisse’s capital raising in April when the Swiss lender issued mandatory convertible notes.
Stock exchange data still shows QIA’s stake of 4.84%, however the stake rises to 6.01% if the convertibles are taken into account, the new filing shows.
Credit Suisse in April said the mandatory convertible notes will be converted upon six month maturity, but they could be subject to early conversion upon the occurrence of certain events.
Credit Suisse has raised capital, halted share buybacks, cut its dividend and revamped management after losing more than $5 billion from the collapse of family office Archegos and suspending funds linked to Greensill.
(Reporting by Saeed Azhar, editing by Louise Heavens)
