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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Credit Suisse shares rebounded on March 16, 2023, after the bank said it could draw up to CHF 50 billion from the Swiss National Bank (SNB) and announced plans to buy back selected senior debt. The shares initially jumped about 30% in early trading, but the gain narrowed to 19.2% by the close on the SIX Swiss Exchange, according to Reuters.
The measures bought Credit Suisse time, but they did not restore lasting investor confidence. UBS agreed to acquire the bank three days later, and Credit Suisse shares were eventually delisted.
What happened to Credit Suisse shares?
Credit Suisse had suffered a severe loss of confidence. On March 15, its shares fell by more than 30% intraday after Saudi National Bank, the bank’s largest shareholder, said it would not provide additional capital, according to the SNB’s 2023 Financial Stability Report. Investors were also concerned about deposit outflows, funding costs and whether the bank could meet liquidity demands.
On Thursday, March 16, Credit Suisse announced two measures:
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- It intended to access up to CHF 50 billion through SNB liquidity facilities.
- Its subsidiary, Credit Suisse International, would offer to buy back certain senior debt securities for up to approximately CHF 3 billion.
The announcements triggered a sharp rebound in the stock. However, the widely reported 30% rise referred to the early-session move or indicated price. The final closing gain was 19.2%, as reported by Reuters, showing that investors remained cautious even after the emergency support was announced.
The CHF 50 billion was secured liquidity—not a simple cash bailout
Credit Suisse said it could use two SNB facilities: the Covered Loan Facility and a short-term liquidity facility. Both were secured against eligible, high-quality collateral, according to the bank’s March 16 announcement filed with the U.S. Securities and Exchange Commission (SEC).
That distinction matters. The announcement did not mean that the Swiss government handed Credit Suisse CHF 50 billion with no conditions, nor that the bank received a permanent capital injection. It meant the central bank was prepared to lend against collateral to help the bank meet immediate funding needs.
| Amount or limit | What it represented |
|---|---|
| Up to CHF 50 billion | The maximum liquidity Credit Suisse said it intended to access through the announced SNB facilities. |
| Approximately CHF 38 billion | Emergency liquidity assistance provided by the SNB on March 16, according to the SNB’s 2023 Financial Stability Report. |
| Approximately CHF 10 billion | Liquidity-shortage financing facility provided on March 16, according to the SNB’s 2023 Financial Stability Report. |
| CHF 20 billion | Additional emergency liquidity assistance provided on March 17, according to the SNB’s 2023 Financial Stability Report. |
The SNB later reported that the March 16 amounts totaled about CHF 48 billion, not the full CHF 50 billion headline maximum. A further CHF 20 billion followed on March 17.
Why “backstop” can be misleading
The March 16 support is sometimes described as the Swiss central bank’s “backstop.” That wording is understandable, but it can blur the difference between two separate arrangements.
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The March 16 facilities were existing SNB liquidity instruments available against collateral. The separate public liquidity backstop was introduced as part of the UBS takeover package announced on March 19. Under that later arrangement, the Swiss Confederation guaranteed up to CHF 100 billion of additional SNB liquidity assistance connected with the takeover, according to the Swiss Federal Department of Finance.
So the March 16 announcement should not be interpreted as Credit Suisse receiving CHF 100 billion from the Swiss government. The CHF 100 billion public guarantee belonged to the later UBS rescue package.
What Credit Suisse was buying back
The debt announcement was not a share repurchase. Credit Suisse was not buying back its own stock, and the offer did not cover the bank’s additional tier 1 (AT1) capital instruments.
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Instead, Credit Suisse International launched cash tender offers for selected senior debt securities, according to its March 16 filing with the SEC:
| Debt group | Maximum aggregate consideration |
|---|---|
| 10 U.S.-dollar-denominated senior securities | Up to USD 2.5 billion |
| Four euro-denominated senior securities | Up to EUR 500 million |
| Combined program, as described by Credit Suisse | Approximately CHF 3 billion |
A tender offer is an invitation for bondholders to sell securities back to the issuer at specified prices and under stated conditions. The issuer may be able to buy debt for less than its face value when market prices have fallen sharply.
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That can reduce the amount of debt outstanding and lower future interest expense. It can also improve the liability structure if the bank retires expensive or heavily discounted obligations. But announcing a tender offer does not mean the full amount was immediately repurchased. The offers were subject to the conditions in their tender-offer memoranda.
Why investors initially welcomed the announcements
The two measures addressed different concerns:
- SNB liquidity: Central-bank funding reduced the immediate risk that Credit Suisse could be unable to meet withdrawals or other short-term obligations.
- Debt tender offers: The proposed buybacks suggested that the bank had enough financial flexibility to purchase certain senior obligations at distressed prices.
- Official support: The announcements showed that Swiss authorities were willing to help prevent an uncontrolled liquidity crisis.
For shareholders, this created the possibility that the bank could stabilize rather than fail suddenly. That explains the dramatic one-day rebound.
However, liquidity support does not automatically solve solvency, profitability or governance problems. A central-bank loan must generally be repaid and is secured by collateral. It also does not erase losses, rebuild a damaged franchise or guarantee that customers and counterparties will remain confident.
The rally did not save Credit Suisse
The SNB’s 2023 Financial Stability Report said Credit Suisse’s share price and credit-default-swap premiums weakened again later in the week despite the liquidity measures. Credit-default swaps are contracts commonly used to hedge or speculate on the risk of a borrower defaulting; rising premiums generally indicate greater perceived credit risk.
On Sunday, March 19, Swiss authorities announced that UBS would acquire Credit Suisse. The deal was approved by FINMA and supported by the Swiss Confederation and the SNB. UBS completed the acquisition on June 12, 2023. Credit Suisse shares were subsequently delisted from both the SIX Swiss Exchange and the New York Stock Exchange, according to the SNB’s 2023 Financial Stability Report.
What happened to Credit Suisse AT1 bonds?
The AT1 instruments became a separate and highly controversial issue. As part of the UBS takeover, FINMA ordered approximately CHF 16 billion of Credit Suisse AT1 instruments to be written down to zero. The Swiss Federal Administrative Court later referred to the affected amount as approximately CHF 16.5 billion.
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These instruments were different from the senior debt included in the March 16 tender offers. They were also not shares. AT1 securities are a form of bank capital designed to absorb losses under specified conditions, and they carry more risk than ordinary senior bonds.
The legal position has since developed. On October 1, 2025, the Swiss Federal Administrative Court issued a partial decision revoking FINMA’s March 19, 2023 order. The court held that the write-down lacked a sufficient legal basis. It did not decide the remedy or order repayment to bondholders. FINMA and UBS appealed to the Swiss Federal Supreme Court, and other AT1 proceedings were suspended pending the lead case.
According to the Swiss Federal Administrative Court and FINMA, two statements need to be kept separate: FINMA did order the AT1 instruments written down to zero in March 2023, but the legality and possible consequences of that order were not finally settled as of the reported court developments.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the episode means for ordinary investors
The Credit Suisse episode illustrates why a large one-day stock-market rebound is not the same as a recovery in a company’s long-term value.
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- Check the closing price, not only the headline intraday move. A stock that rises 30% early in a session may finish substantially lower.
- Identify the type of official support. A collateralized loan, capital injection, government guarantee and acquisition are different tools with different implications.
- Separate shares from debt. Senior bonds, AT1 instruments and common stock occupy different positions in a bank’s capital structure and can have very different outcomes in a rescue.
- Read “up to” carefully. A maximum facility or tender-offer size is not necessarily the amount drawn or repurchased.
- Do not treat a rescue rally as proof that the underlying risk has disappeared. Credit Suisse’s later takeover showed that the liquidity announcement had stabilized an immediate crisis, not secured the bank’s independence.
FAQ
How much did Credit Suisse stock rise on March 16, 2023?
Credit Suisse shares initially rose roughly 30% in early trading, but they closed 19.2% higher on the SIX Swiss Exchange, according to Reuters.
Did Credit Suisse receive a CHF 50 billion government bailout?
No. Credit Suisse announced access to up to CHF 50 billion through SNB liquidity facilities secured by collateral. The March 16 support was not an unconditional government capital injection. A separate publicly guaranteed liquidity backstop of up to CHF 100 billion was part of the UBS takeover package announced on March 19, according to the Swiss Federal Department of Finance.
What debt did Credit Suisse offer to buy back?
Credit Suisse International offered to purchase selected senior debt securities: 10 U.S.-dollar-denominated securities for up to USD 2.5 billion and four euro-denominated securities for up to EUR 500 million. The combined program was described as approximately CHF 3 billion in Credit Suisse’s SEC filing.
Was the debt buyback a repurchase of Credit Suisse shares?
No. It was a cash tender offer for selected senior bonds. It was not a share buyback and did not cover Credit Suisse’s AT1 capital instruments.
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UBS agreed to acquire Credit Suisse on March 19, 2023. UBS completed the acquisition on June 12, 2023, after which Credit Suisse shares were delisted from the SIX Swiss Exchange and the New York Stock Exchange, according to the SNB’s 2023 Financial Stability Report.
Is the Credit Suisse AT1 write-down legally final?
The historical fact is that FINMA ordered the AT1 instruments written down to zero in March 2023. However, the Swiss Federal Administrative Court partially revoked that order in October 2025, and FINMA and UBS appealed. The remedy and final legal outcome remained unresolved in the cited proceedings.
The Bottom Line
Credit Suisse’s March 16 rebound reflected relief over access to secured SNB liquidity and proposed senior-debt buybacks—not a complete recovery. The bank ultimately required a UBS takeover, and the later AT1 litigation shows why investors should distinguish between senior debt, AT1 capital and shares when assessing a bank rescue.
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