Credit Suisse’s unwinding of its Archegos positions is still incomplete as it continues to reportedly sell large blocks of related shares.
Credit Suisse placed large blocks of Discovery Inc and iQIYI Inc shares on the market after trading hours yesterday, according to a «CNBC» report citing unnamed sources which claimed that the trades were part of the incomplete unwinding of the bank’s Archegos positions.
This follows similar moves by Credit Suisse to unload large blocks of Archegos-linked shares in ViacomCBS, Vipshop Holdings Ltd and Farfetch Ltd last week.
Trade Details
Separately, a «Reuters» report claims that the bank placed on the market 19 million class A Discovery shares; 22 million class C shares of Discovery; and 35 million U.S.-listed iQIYI shares.
Based on the reported price ranges, Credit Suisse attempted to unload around $1.88 billion to $2.07 billion of such shares.
As the bank with reportedly the second-largest exposure to the top 10 stocks traded by Archegos at $10 billion, the block trades on Tuesday represent around one-fifth of the total exposure.
