Credit Suisse up, issuer fast tracks radical restructuring; preferreds mixed; AMC gains

By Cristal Cody

Tupelo, Miss., Nov. 15 – Credit Suisse Group AG’s securities were moving higher on Tuesday after the company reported an acceleration of the “radical restructuring of its investment bank” with plans to sell a significant part of its securitized products group to Apollo Global Management.

Credit Suisse’s 7½% perpetual securities (B+) improved more than ½ point to 92 3/8 bid after trading over ¼ point better on Monday, a market source said.

The issue was up 8¼ points from a month ago.

Other bank and financial preferred securities also have been active in the secondary market this week.

Goldman Sachs Group Inc.’s 7.466% perpetual securities (Ba1/BB+) softened 2 points to 96¼ bid on more than $10 million of paper traded on Tuesday, a source said.

The issue had climbed 2½ points on Monday on $3.8 million of volume.

Goldman Sachs Group’s 3.8% perpetual securities (Ba1/BB+) traded mostly flat at the 79 bid area in light trading on Tuesday.

In other trading, AMC Entertainment Holdings, Inc.’s bonds improved 1 point to 1¼ points on active volume that tipped over $30 million, a source said.

The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were up 1¼ points at 41¾ bid.

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