The Swiss lender is setting a timeline to unwind two of the smaller Greensill funds. They represent under a billion of the $10 billion supply-chain fund total.
Credit Suisse Asset Management is setting a timeframe to close its Luxembourg and Liechtenstein investment-grade funds, with volumes of about $260 million and $670 million, respectively, according to an investor update Thursday.
The repayment rate for the two funds totals about 95 percent, with the last payment made in August 2021 for Investment Grade Luxembourg. For Investment Grade Liechtenstein, invoices of $15 million are still outstanding with the latest payment due January 2022, it says.
The bank has paid for most of the costs linked to clawing back money from these funds and will pass costs onto investors “when appropriate,” it says.
No roadmap for big funds
The bank has still not said when the two large funds, CS (Lux) Supply Chain Finance Fund, with $7.3 billion in assets, and CS Nova (Lux) Supply Chain Finance High Income Fund, with $1.8 billion, will be closed.
Counting the bank’s recent fifth payment of $400 million in the week of Sept. 27, the total returned to investors so far amounts to $6.3 billion. Including cash, this brings the recovered funds to $7 billion, or 70 percent of assets at the time of the funds’ suspension.
