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2021-06-25

Credit Suisse’s SPAC Bonanza Dries Up<blockquote>瑞士信贷的SPAC财富枯竭</blockquote>

In a year of crises related to Archegos and Greensill, the Swiss bank had a booming blank-check busi

Credit Suisse’s SPAC Bonanza Dries Up<blockquote>瑞士信贷的SPAC财富枯竭</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":122663453,"tweetId":"122663453","gmtCreate":1624617618472,"gmtModify":1631890720311,"author":{"id":3586931593498823,"idStr":"3586931593498823","authorId":3586931593498823,"authorIdStr":"3586931593498823","name":"Mitchu","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/122663453","repostId":1109458065,"repostType":4,"repost":{"id":"1109458065","kind":"news","pubTimestamp":1624615245,"share":"https://www.laohu8.com/m/news/1109458065?lang=zh_CN&edition=full","pubTime":"2021-06-25 18:00","market":"us","language":"en","title":"Credit Suisse’s SPAC Bonanza Dries Up<blockquote>瑞士信贷的SPAC财富枯竭</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109458065","media":"The Wall Street Journal","summary":"In a year of crises related to Archegos and Greensill, the Swiss bank had a booming blank-check busi","content":" In a year of crises related to Archegos and Greensill, the Swiss bank had a booming blank-check business to fall back on. That has now slowed dramatically. Credit Suisse GroupAG’s&nbsp;CS&nbsp;3.82%&nbsp;business underwriting blank-check SPACs boomed to start the year. That helped offset other huge problems—most notably a $5.5 billion loss from the Marchcollapse ofArchegos Capital Management.<blockquote>在与Archegos和Greensill相关的危机发生的一年里，这家瑞士银行有蓬勃发展的空白支票业务可以依靠。现在这种情况已经大大放缓。瑞士信贷集团的CS 3.82%承销空白支票SPAC业务在年初蓬勃发展。这有助于抵消其他巨大问题——最明显的是Archegos Capital Management 3月份倒闭造成的55亿美元损失。</blockquote> Now the market for SPACs—or special-purpose acquisition companies—has come off the boil, and new underwriting fees are threatening to dry up.Credit Suisse’s SPAC dealsare being closely watched by investors and analysts, because revenue from them came to represent a large chunk of overall investment-banking revenue last year. That raised concerns that the fees and deal volume might not be sustainable.<blockquote>现在，SPAC（或特殊目的收购公司）市场已经平静下来，新的承销费用有枯竭的危险。瑞士信贷的SPAC交易受到投资者和分析师的密切关注，因为这些交易的收入占去年投资银行总收入的很大一部分。这引发了人们对费用和交易量可能不可持续的担忧。</blockquote> Credit Suisse went from making an estimated $466 million in gross SPAC underwriting fees in the first quarter, to $16.1 million between April 1 and June 15, according to data provider Refinitiv.<blockquote>根据数据提供商Refinitiv的数据，瑞士信贷第一季度的SPAC承销费用总额估计为4.66亿美元，增加到4月1日至6月15日期间的1610万美元。</blockquote> Across banks, SPAC underwriting fees fell to $541 million in the second quarter to June 15, from a record $4.85 billion in the first quarter, according to Refinitiv data. Other banks, includingCitigroupInc.andGoldman Sachs GroupInc.,also saw sharp dives in their SPAC initial public offering fees in the second quarter, according to Refinitiv data.<blockquote>根据Refinitiv的数据，在截至6月15日的第二季度，SPAC承销费用从第一季度创纪录的48.5亿美元降至5.41亿美元。根据Refinitiv的数据，包括花旗集团和高盛集团在内的其他银行第二季度SPAC首次公开募股费用也大幅下降。</blockquote> <img src=\"https://static.tigerbbs.com/777ddeb9a4b4bdfef27a7dcd09a5104a\" tg-width=\"734\" tg-height=\"508\"><blockquote></blockquote> SPACs are shell companies that raise money to target a private company and take it public. They became a popular cash cow for big-name investors and celebrities in soaring stock markets, but demand cooled in the second quarter as shares of somecompanies that merged with SPACs tumbledand the Securities and Exchange Commission toughened its stance on the format.<blockquote>SPAC是空壳公司，它们筹集资金以私人公司为目标并将其上市。在飙升的股市中，它们成为大牌投资者和名人的热门摇钱树，但随着一些与SPAC合并的公司股价暴跌以及美国证券交易委员会对这种形式的立场变得强硬，需求在第二季度降温。</blockquote> The drop-off in activity doesn’t mean banks will stop reporting strong SPAC revenue. Refinitiv calculates full IPO underwriting fees upfront, while in practice, banks receive around 2% of money raised when the SPAC goes public and another 3.5% or so if and when the SPAC buys or merges with another company. Mergers continued in the second quarter, producing those deferred underwriting fees, and frequently additional fees too for deal advice or raising more cash.<blockquote>活动下降并不意味着银行将停止报告强劲的SPAC收入。Refinitiv预先计算全额IPO承销费用，而实际上，银行在SPAC上市时收到约2%的筹集资金，如果SPAC收购或与另一家公司合并，则另外收到3.5%左右。第二季度合并仍在继续，产生了递延承销费用，并且经常产生交易建议或筹集更多现金的额外费用。</blockquote> Nearly 300 SPACs have said they intend to raise money, meaning new blank-check IPOs and underwriting could pick up again.<blockquote>近300家SPAC表示打算筹集资金，这意味着新的空白支票IPO和承销可能会再次回升。</blockquote> The SPAC business is emblematic of thebank’s post-Archegos dilemma: It wants to ratchet down risk and focus on managing the wealth of the global rich—but investment banking brought in 40% of revenue last year. Credit Suisse Chairman António Horta-Osório, who started May 1, said there could be strategic changes and that tough decisions lie ahead.<blockquote>SPAC业务是该银行后Archegos困境的象征：它希望降低风险并专注于管理全球富人的财富，但投资银行业务去年带来了40%的收入。5月1日上任的瑞士信贷董事长安东尼奥·奥尔塔-奥索里奥(António Horta-Osório)表示，战略可能会发生变化，未来将做出艰难的决定。</blockquote> Credit Suisse’s share price has been among the worst performers of global banks this year, down 14%. Over the same period, an index of European banking stocks is up by more than one quarter.<blockquote>瑞士信贷的股价是今年全球银行中表现最差的之一，下跌了14%。同期，欧洲银行股指数上涨了四分之一以上。</blockquote> The SPAC fee surge last year helped Credit Suisse offset $1.3 billion in unexpected charges from a legal case, and revaluing a hedge-fund stake. The revenue took on more importance when Archegos Capital, the family office of hedge-fund manager Bill Hwang, couldn’t meet margin calls at several banks in March, causing more than $10 billion in losses at lenders exiting the Archegos positions.<blockquote>去年SPAC费用飙升帮助瑞士信贷抵消了法律案件产生的13亿美元意外费用，并重估了对冲基金股份。当对冲基金经理Bill Hwang的家族办公室Archegos Capital在3月份无法满足多家银行的保证金评级时，收入变得更加重要，导致退出Archegos头寸的贷方损失超过100亿美元。</blockquote> Credit Suisse said it was able to largely contain losses from Archegos because of the strong quarter it had elsewhere in the investment bank, including in underwriting SPACs and other IPOs. It reported a $275 million first-quarter net loss andtapped shareholders for $2 billion capitalin April.<blockquote>瑞士信贷表示，它能够在很大程度上遏制Archegos的损失，因为该投资银行其他领域的季度表现强劲，包括承销SPAC和其他IPO。该公司报告第一季度净亏损2.75亿美元，并于4月份向股东筹集了20亿美元的资金。</blockquote> The bank said losses could also be material from the collapse of another client,financial firm Greensill Capital, with which Credit Suisse ran $10 billion in investment funds.<blockquote>该银行表示，另一个客户金融公司Greensill Capital的倒闭也可能造成重大损失，瑞士信贷与该公司管理着100亿美元的投资基金。</blockquote> Credit Suisse doesn’t break out SPAC revenue in published earnings. However, its chief financial officer, David Mathers, told analysts in April that around $300 million of $1.5 billion capital markets and advisory fees in the first quarter came from SPACs. Revenue across Credit Suisse was around $8.4 billion.<blockquote>瑞士信贷没有在公布的收益中公布SPAC的收入。然而，其首席财务官David Mathers在4月份告诉分析师，第一季度15亿美元的资本市场和咨询费中约有3亿美元来自SPAC。瑞士信贷的收入约为84亿美元。</blockquote> Credit Suisse was the biggest underwriter of SPACs last year, benefiting from relationships with serial SPAC founders such asventure capitalist Chamath Palihapitiyaand deal maker and Vegas Golden Knights owner Bill Foley. The Swiss bank invested in the sector in the years before SPACs went mainstream, hiring veteran SPAC banker Niron Stabinsky in 2015.<blockquote>瑞士信贷是去年SPAC最大的承销商，受益于与风险投资家查马斯·帕里哈皮蒂亚(Chamath Palihapitia)和交易撮合者、拉斯维加斯黄金骑士队(Vegas Golden Knights)老板比尔·福利(Bill Foley)等SPAC系列创始人的关系。这家瑞士银行在SPAC成为主流之前的几年就投资了该行业，并于2015年聘请了资深SPAC银行家Niron Stabinsky。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Credit Suisse’s SPAC Bonanza Dries Up<blockquote>瑞士信贷的SPAC财富枯竭</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCredit Suisse’s SPAC Bonanza Dries Up<blockquote>瑞士信贷的SPAC财富枯竭</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-06-25 18:00\n\n</h4>\n</header>\n<article>\n In a year of crises related to Archegos and Greensill, the Swiss bank had a booming blank-check business to fall back on. That has now slowed dramatically. Credit Suisse GroupAG’s&nbsp;CS&nbsp;3.82%&nbsp;business underwriting blank-check SPACs boomed to start the year. That helped offset other huge problems—most notably a $5.5 billion loss from the Marchcollapse ofArchegos Capital Management.<blockquote>在与Archegos和Greensill相关的危机发生的一年里，这家瑞士银行有蓬勃发展的空白支票业务可以依靠。现在这种情况已经大大放缓。瑞士信贷集团的CS 3.82%承销空白支票SPAC业务在年初蓬勃发展。这有助于抵消其他巨大问题——最明显的是Archegos Capital Management 3月份倒闭造成的55亿美元损失。</blockquote> Now the market for SPACs—or special-purpose acquisition companies—has come off the boil, and new underwriting fees are threatening to dry up.Credit Suisse’s SPAC dealsare being closely watched by investors and analysts, because revenue from them came to represent a large chunk of overall investment-banking revenue last year. That raised concerns that the fees and deal volume might not be sustainable.<blockquote>现在，SPAC（或特殊目的收购公司）市场已经平静下来，新的承销费用有枯竭的危险。瑞士信贷的SPAC交易受到投资者和分析师的密切关注，因为这些交易的收入占去年投资银行总收入的很大一部分。这引发了人们对费用和交易量可能不可持续的担忧。</blockquote> Credit Suisse went from making an estimated $466 million in gross SPAC underwriting fees in the first quarter, to $16.1 million between April 1 and June 15, according to data provider Refinitiv.<blockquote>根据数据提供商Refinitiv的数据，瑞士信贷第一季度的SPAC承销费用总额估计为4.66亿美元，增加到4月1日至6月15日期间的1610万美元。</blockquote> Across banks, SPAC underwriting fees fell to $541 million in the second quarter to June 15, from a record $4.85 billion in the first quarter, according to Refinitiv data. Other banks, includingCitigroupInc.andGoldman Sachs GroupInc.,also saw sharp dives in their SPAC initial public offering fees in the second quarter, according to Refinitiv data.<blockquote>根据Refinitiv的数据，在截至6月15日的第二季度，SPAC承销费用从第一季度创纪录的48.5亿美元降至5.41亿美元。根据Refinitiv的数据，包括花旗集团和高盛集团在内的其他银行第二季度SPAC首次公开募股费用也大幅下降。</blockquote> <img src=\"https://static.tigerbbs.com/777ddeb9a4b4bdfef27a7dcd09a5104a\" tg-width=\"734\" tg-height=\"508\"><blockquote></blockquote> SPACs are shell companies that raise money to target a private company and take it public. They became a popular cash cow for big-name investors and celebrities in soaring stock markets, but demand cooled in the second quarter as shares of somecompanies that merged with SPACs tumbledand the Securities and Exchange Commission toughened its stance on the format.<blockquote>SPAC是空壳公司，它们筹集资金以私人公司为目标并将其上市。在飙升的股市中，它们成为大牌投资者和名人的热门摇钱树，但随着一些与SPAC合并的公司股价暴跌以及美国证券交易委员会对这种形式的立场变得强硬，需求在第二季度降温。</blockquote> The drop-off in activity doesn’t mean banks will stop reporting strong SPAC revenue. Refinitiv calculates full IPO underwriting fees upfront, while in practice, banks receive around 2% of money raised when the SPAC goes public and another 3.5% or so if and when the SPAC buys or merges with another company. Mergers continued in the second quarter, producing those deferred underwriting fees, and frequently additional fees too for deal advice or raising more cash.<blockquote>活动下降并不意味着银行将停止报告强劲的SPAC收入。Refinitiv预先计算全额IPO承销费用，而实际上，银行在SPAC上市时收到约2%的筹集资金，如果SPAC收购或与另一家公司合并，则另外收到3.5%左右。第二季度合并仍在继续，产生了递延承销费用，并且经常产生交易建议或筹集更多现金的额外费用。</blockquote> Nearly 300 SPACs have said they intend to raise money, meaning new blank-check IPOs and underwriting could pick up again.<blockquote>近300家SPAC表示打算筹集资金，这意味着新的空白支票IPO和承销可能会再次回升。</blockquote> The SPAC business is emblematic of thebank’s post-Archegos dilemma: It wants to ratchet down risk and focus on managing the wealth of the global rich—but investment banking brought in 40% of revenue last year. Credit Suisse Chairman António Horta-Osório, who started May 1, said there could be strategic changes and that tough decisions lie ahead.<blockquote>SPAC业务是该银行后Archegos困境的象征：它希望降低风险并专注于管理全球富人的财富，但投资银行业务去年带来了40%的收入。5月1日上任的瑞士信贷董事长安东尼奥·奥尔塔-奥索里奥(António Horta-Osório)表示，战略可能会发生变化，未来将做出艰难的决定。</blockquote> Credit Suisse’s share price has been among the worst performers of global banks this year, down 14%. Over the same period, an index of European banking stocks is up by more than one quarter.<blockquote>瑞士信贷的股价是今年全球银行中表现最差的之一，下跌了14%。同期，欧洲银行股指数上涨了四分之一以上。</blockquote> The SPAC fee surge last year helped Credit Suisse offset $1.3 billion in unexpected charges from a legal case, and revaluing a hedge-fund stake. The revenue took on more importance when Archegos Capital, the family office of hedge-fund manager Bill Hwang, couldn’t meet margin calls at several banks in March, causing more than $10 billion in losses at lenders exiting the Archegos positions.<blockquote>去年SPAC费用飙升帮助瑞士信贷抵消了法律案件产生的13亿美元意外费用，并重估了对冲基金股份。当对冲基金经理Bill Hwang的家族办公室Archegos Capital在3月份无法满足多家银行的保证金评级时，收入变得更加重要，导致退出Archegos头寸的贷方损失超过100亿美元。</blockquote> Credit Suisse said it was able to largely contain losses from Archegos because of the strong quarter it had elsewhere in the investment bank, including in underwriting SPACs and other IPOs. It reported a $275 million first-quarter net loss andtapped shareholders for $2 billion capitalin April.<blockquote>瑞士信贷表示，它能够在很大程度上遏制Archegos的损失，因为该投资银行其他领域的季度表现强劲，包括承销SPAC和其他IPO。该公司报告第一季度净亏损2.75亿美元，并于4月份向股东筹集了20亿美元的资金。</blockquote> The bank said losses could also be material from the collapse of another client,financial firm Greensill Capital, with which Credit Suisse ran $10 billion in investment funds.<blockquote>该银行表示，另一个客户金融公司Greensill Capital的倒闭也可能造成重大损失，瑞士信贷与该公司管理着100亿美元的投资基金。</blockquote> Credit Suisse doesn’t break out SPAC revenue in published earnings. However, its chief financial officer, David Mathers, told analysts in April that around $300 million of $1.5 billion capital markets and advisory fees in the first quarter came from SPACs. Revenue across Credit Suisse was around $8.4 billion.<blockquote>瑞士信贷没有在公布的收益中公布SPAC的收入。然而，其首席财务官David Mathers在4月份告诉分析师，第一季度15亿美元的资本市场和咨询费中约有3亿美元来自SPAC。瑞士信贷的收入约为84亿美元。</blockquote> Credit Suisse was the biggest underwriter of SPACs last year, benefiting from relationships with serial SPAC founders such asventure capitalist Chamath Palihapitiyaand deal maker and Vegas Golden Knights owner Bill Foley. The Swiss bank invested in the sector in the years before SPACs went mainstream, hiring veteran SPAC banker Niron Stabinsky in 2015.<blockquote>瑞士信贷是去年SPAC最大的承销商，受益于与风险投资家查马斯·帕里哈皮蒂亚(Chamath Palihapitia)和交易撮合者、拉斯维加斯黄金骑士队(Vegas Golden Knights)老板比尔·福利(Bill Foley)等SPAC系列创始人的关系。这家瑞士银行在SPAC成为主流之前的几年就投资了该行业，并于2015年聘请了资深SPAC银行家Niron Stabinsky。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/credit-suisses-spac-bonanza-dries-up-11624614653\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/credit-suisses-spac-bonanza-dries-up-11624614653","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109458065","content_text":"In a year of crises related to Archegos and Greensill, the Swiss bank had a booming blank-check business to fall back on. That has now slowed dramatically.\n\nCredit Suisse GroupAG’s CS 3.82% business underwriting blank-check SPACs boomed to start the year. That helped offset other huge problems—most notably a $5.5 billion loss from the Marchcollapse ofArchegos Capital Management.\nNow the market for SPACs—or special-purpose acquisition companies—has come off the boil, and new underwriting fees are threatening to dry up.Credit Suisse’s SPAC dealsare being closely watched by investors and analysts, because revenue from them came to represent a large chunk of overall investment-banking revenue last year. That raised concerns that the fees and deal volume might not be sustainable.\nCredit Suisse went from making an estimated $466 million in gross SPAC underwriting fees in the first quarter, to $16.1 million between April 1 and June 15, according to data provider Refinitiv.\nAcross banks, SPAC underwriting fees fell to $541 million in the second quarter to June 15, from a record $4.85 billion in the first quarter, according to Refinitiv data. Other banks, includingCitigroupInc.andGoldman Sachs GroupInc.,also saw sharp dives in their SPAC initial public offering fees in the second quarter, according to Refinitiv data.\n\nSPACs are shell companies that raise money to target a private company and take it public. They became a popular cash cow for big-name investors and celebrities in soaring stock markets, but demand cooled in the second quarter as shares of somecompanies that merged with SPACs tumbledand the Securities and Exchange Commission toughened its stance on the format.\nThe drop-off in activity doesn’t mean banks will stop reporting strong SPAC revenue. Refinitiv calculates full IPO underwriting fees upfront, while in practice, banks receive around 2% of money raised when the SPAC goes public and another 3.5% or so if and when the SPAC buys or merges with another company. Mergers continued in the second quarter, producing those deferred underwriting fees, and frequently additional fees too for deal advice or raising more cash.\nNearly 300 SPACs have said they intend to raise money, meaning new blank-check IPOs and underwriting could pick up again.\nThe SPAC business is emblematic of thebank’s post-Archegos dilemma: It wants to ratchet down risk and focus on managing the wealth of the global rich—but investment banking brought in 40% of revenue last year. Credit Suisse Chairman António Horta-Osório, who started May 1, said there could be strategic changes and that tough decisions lie ahead.\nCredit Suisse’s share price has been among the worst performers of global banks this year, down 14%. Over the same period, an index of European banking stocks is up by more than one quarter.\nThe SPAC fee surge last year helped Credit Suisse offset $1.3 billion in unexpected charges from a legal case, and revaluing a hedge-fund stake. The revenue took on more importance when Archegos Capital, the family office of hedge-fund manager Bill Hwang, couldn’t meet margin calls at several banks in March, causing more than $10 billion in losses at lenders exiting the Archegos positions.\nCredit Suisse said it was able to largely contain losses from Archegos because of the strong quarter it had elsewhere in the investment bank, including in underwriting SPACs and other IPOs. It reported a $275 million first-quarter net loss andtapped shareholders for $2 billion capitalin April.\nThe bank said losses could also be material from the collapse of another client,financial firm Greensill Capital, with which Credit Suisse ran $10 billion in investment funds.\nCredit Suisse doesn’t break out SPAC revenue in published earnings. However, its chief financial officer, David Mathers, told analysts in April that around $300 million of $1.5 billion capital markets and advisory fees in the first quarter came from SPACs. Revenue across Credit Suisse was around $8.4 billion.\nCredit Suisse was the biggest underwriter of SPACs last year, benefiting from relationships with serial SPAC founders such asventure capitalist Chamath Palihapitiyaand deal maker and Vegas Golden Knights owner Bill Foley. The Swiss bank invested in the sector in the years before SPACs went mainstream, hiring veteran SPAC banker Niron Stabinsky in 2015.","news_type":1,"symbols_score_info":{"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":2763,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}