Riaan 
London
CNN
–
Abatshalizimali ohlotsheni oluyingozi kakhulu lwamabhondi e-Credit Suisse inani lempahla yabo lehle lafika kuqanda ngeSonto ngemuva kokuba iziphathimandla zaseSwitzerland zihwebe. ukuthathwa kwesimo esiphuthumayo yebhange yimbangi ye-UBS.
NgeSonto, i-Swiss National Bank (SNB) imemezele ukuthi i-UBS izo Thenga i-Credit Suisse ngamabhiliyoni ama-3 ama-Swiss francs (ama-dollar ayizigidi eziyizinkulungwane ezingu-3.25) – noma cishe i-60% ngaphansi kwebhange elifanele lapho izimakethe zivalwa ngoLwesihlanu. Abanikazi bamasheya be-Credit Suisse bazosuswa kakhulu, bathole okulingana no-0.76 Swiss franc kuphela kumasheya e-UBS esitokweni ebesingabiza u-1.86 francs waseSwitzerland ngoLwesihlanu.
Kodwa ngabanikazi bamabhondi e-Credit Suisse “yesigaba sokuqala” (AT1) esingabiza u-$17 billion abashiywe ngokuphelele emakhazeni. Iziphathimandla zaseSwitzerland zathi labo banikazi bamabhondi ngeke bathole lutho. Umnyakazo uyangqubuzana nesigaba esijwayelekile sokulahlekelwa uma a ibhange liyahlulekaabaninimasheya ngokuvamile aba ngabokugcina kulayini wanoma yiluphi uhlobo lwenkokhelo.
“Ukwesekwa okumangalisayo kukahulumeni kuzokwenza ukuthi kubhalwe phansi ngokuphelele inani lawo wonke amasheya e-AT1 e-Credit Suisse elinganiselwa ku-16 billion. [Swiss francs],” kusho iSwiss Financial Market Supervisory Authority esitatimendeni sangeSonto.
UDavid Benamou, isikhulu esiphezulu sokutshalwa kwezimali kwa-Axiom Alternative Investments, inkampani ephethe ingcebo yaseFrance echayeka kumabhondi e-AT1, ubize lesi sinqumo ngokuthi “siyamangaza impela, ngingasho ukuthi … siyashaqisa.”
Imakethe yaseYurophu yamabhondi anjalo ibiza cishe amaRandi ayizigidi eziyizinkulungwane ezingama-250, ngokusho kwe- Izikhathi Zezezimali. Manje lingangena emakhazeni ajulile.
Amabhondi e-AT1 aziwa nangokuthi “ama-contingent convertibles,” noma “CoCos”. Zadalwa ngemuva kwenkinga yezimali yango-2008 njengendlela yokuthi amabhange ahluleke ukuthola ukulahlekelwa, okwenza ukuthi ibheyili exhaswe ngabakhokhi bentela ibe mancane amathuba.
Ziwukubheja okuyingozi – uma umbolekisi engena enkingeni, lesi sigaba samabhondi singaguqulwa ngokushesha sibe ukulingana, noma sibhalwe phansi ngokuphelele.
Ngenxa yokuthi ayingozi enkulu, ama-AT1 anikeza isivuno esikhulu kunamanye amabhondi amaningi akhishwa ababolekayo abanezilinganiso ezifanayo zezikweletu, okuwenza athandwe ngabatshalizimali bezikhungo.
Akukhona ukubhala phansi kwamabhondi e-AT1 e-Credit Suisse anakho abatshalizimali abazamazamakodwa iqiniso lokuthi abanikazi bamasheya ebhange bazothola isinxephezelo esithile lapho abanikazi bamasheya bengasitholi.
Imvamisa, abanikazi bamasheya baba phezulu kunabanikazi bamasheya lapho amabhange ehluleka. Kodwa ngenxa yokuthi ukushona kukaCredit Suisse akuzange kulandele a ukuqothuka kwendabukoabahlaziyi batshele i-CNN, imithetho efanayo ayisebenzi.
“Uhlu lwezicelo luhlala lusebenza e-EU… ayikho indlela yokuthi abanikazi bamasheya bangakhokhelwa kanye nabanikazi be-AT1. [are] ukhokhe u-zero,” kusho uBenamou. “Isinqumo esithathwe yiziphathimandla zaseSwitzerland siyaxaka impela.”
UMichael Hewson, umhlaziyi omkhulu wemakethe kwa-CMC Markets, utshele i-CNN: “Kubukeka sengathi kulokhu, ngenxa yokuthi bekungesona isimo sokuqothuka, bekucatshangwa ukuthi abanikazi be-AT1 nabaninimasheya bazobuzwa ubuhlungu.”
Abalawuli bamabhange e-EU kanye neBhange LaseNgilandi bahambise uMsombuluko ukuthi baqinisekise abatshalizimali be-AT1 kabanzi ukuthi bazothatha indawo yokuqala kunabanikazi bamasheya uma kwenzeka kuba nezinkinga zamabhange ezizayo.
“Amathuluzi okulingana ajwayelekile [stocks] bangabokuqala abathola ukulahlekelwa, futhi kuphela ngemuva kokusetshenziswa ngokugcwele lapho kuzodingeka ukuthi kubhalwe phansi isigaba esisodwa,” kusho abalawuli be-EU esitatimendeni. “Le ndlela ibisetshenziswa ngokungaguquki ezimeni ezedlule.”
UChristine Lagarde, umongameli we-European Central Bank, uthe enkulumweni yakhe ngoMsombuluko ukuthi amabhange ase-euro “anokuchayeka okulinganiselwe” ku-Credit Suisse, ikakhulukazi maqondana namabhondi e-AT1.
“Asikhulumi ngezigidigidi, sikhuluma ngezigidi,” kusho yena.
IBhange LaseNgilandi lathi “abanikazi be [AT1s] kufanele balindele ukuchayeka ekulahlekelweni” lapho ibhange lehluleka ngokwezinga lalo elivamile esigabeni senhloko-dolobha.
Isisekelo esisemthethweni sokulahlekelwa kwe-Credit Suisse singaphikiswa. UQuinn Emanuel Urquhart & Sullivan, inkampani yamacala ekomkhulu e-Los Angeles, ithe ngoMsombuluko ihlanganise ithimba labameli abebedingida izinketho nabaphathi be-AT1 be-Credit Suisse.
Isinyathelo esimangazayo se-SNB sesixabanise imakethe yamabhondi yase-Europe ye-AT1, abatshalizimali manje sebebuza ukuthi imali abanayo ingase ichithwe yini uma elinye ibhange liwa.
UJoost de Graaf, inhloko yezikweletu zase-Europe eVan Lanschot Kempen, inkampani elawula ingcebo yaseDashi, utshele i-CNN ukuthi isikhwama sakhe asizange sitshale imali kuma-AT1 ngoba “wayesaba. [of] into efana nalena,” lapho abalawuli benganquma ukuthi ibhange alisasebenzi futhi babhale inani lamabhondi.
“Eminyakeni embalwa ezayo, [the AT1] imakethe iyahamba [to go] ohlotsheni oluthile lokulala mhlawumbe, lapho ama-AT1 amasha kuzoba nzima kakhulu ukuwabeka kubakhiphi emazingeni amukelekile,” kusho u-de Graaf.
Umthelela cishe uzokapakela emakethe yamabhondi ebanzi, wengeza, lapho abatshalizimali befuna isivuno esiphezulu samabhondi manje abonakala njengayingozi.
“Ngekusasa elibonakalayo, [banks’] uxhaso [through bonds] izobiza kakhulu,” kusho u-de Graaf.
Kunezimpawu zokuthi kungenzeka ukuthi ushintsho seluvele lwenzeka.
Isikhwama sokuhwebelana se-Invesco sika-AT1 Capital Bond, esilandelela isikweletu se-AT1, okwamanje sehle ngo-5.5% uma siqhathaniswa nokuvalwa kwangoLwesihlanu olwedlule. I-WisdomTree, enye i-AT1 ETF esohlwini lwe-London Stock Exchange, yehle ngo-7.4% ekuhwebeni kwantambama.
Kepha umonakalo wangempela uyisibonelo okungenzeka ukuthi kubhalwe phansi, kusho uBenamou we-Axiom Alternative Investments.
“Akekho umhlaziyi wezezimali owake wakholelwa ukuthi amabhondi e-AT1 azofika ku-zero… uma kubhekwa izinga lokukhokhelwa kwe-Credit Suisse… [and] izinga eliphezulu kakhulu lemali yokulawula,” kusho yena.
– UMark Thompson ufake isandla ekubikeni.
