Credit Suisse to Buy Back Debt: Hot Trends

NEW YORK ( TheStreet) -- Popular searches on the Internet Monday include Credit Suisse ( CS) after the bank offered to buy back 4 billion Swiss francs worth of its own debt.

The offer was for public Tier and Tier 2 instruments, an effort by the bank to comply with new Swiss and Basel III requirements. The offer allows the bank's Tier 1 and Tier 2 investors to sell holdings in capital securities. The bank said that existing instruments will be replaced over time with those that count under Basel III capital requirements. Credit Suisse said it will exit those businesses which require a disproportionate share of capital backing as well.

The bank said in February that it is ahead of its goal to cut risky assets in order to meet the new regulations.


Glencore is trending as the commodities trader said it will not alter the bid it has made for Xstrata, despite the miner's investors calling for it to be improved.

Glencore, which calls its existing offer a fair deal for all shareholders, has offered $37 billion for Xstrata. Glencore already owns a 34% stake in Xstrata.

Glencore has called the deal a "merger of equals," while some Xstrata investors have claimed the bid does not recognize the miner's potential.

The deal would create the fourth-largest mining company and be the sector's largest deal since Rio Tinto's ( RIO) acquisition of Alcan in 2007.


American International Group ( AIG) is another hot trend. AIG has announced it is selling $6 billion of AIA Group shares in an effort to pay back the U.S. government for some of its bailout in the 2008 financial crisis.

AIG, which received a $182.3 billion bailout during the crisis, is said to be looking to sell a "significant proportion" of its 33% stake in Asian unit AIA Group. AIG already sold roughly two-thirds of AIA Group in an initial public offering in 2010.

The U.S. government owns 77% of AIG.


The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.

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