By Scott Kanowsky
Investing.com --Shares in Credit Suisse Group AG (SIX:CSGN) (NYSE:CS) rose in both Switzerland and the U.S. on Friday, after the embattled lender offered to buy back about CHF 3B ($3.02B) of its own debt in an effort to solidify investor confidence as scrutiny over the health of its balance sheet increases.
In a statement, the Zurich-based bank said it would make a cash tender offer for up to €1B eight euro or pound-denominated senior debt securities, as well as a separate bid for another twelve U.S. dollar-denominated securities with an aggregate consideration of $2B.
The offers are set to expire on November 3 and November 10, respectively.
"The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices," the company said.
The move comes as Credit Suisse, which has seen its shares plummet by nearly 54% over the past one-year period, is reportedly eyeing a plan to restructure itself by slicing up its key investment bank into three parts and bringing back a so-called "bad bank" to house riskier assets.
Media reports have also suggested that Credit Suisse may attempt to sell off important divisions of the company, including its lucrative securitized products unit, to raise funds without having to ask investors for more capital.