• Portfolios managed by Candriam have no exposure to any Credit Suisse security, OTC exposure or stock-lending exposure.
  • In particular there is no exposure to any Credit Suisse bonds, including AT1s or any other hybrid instruments in portfolios managed by Candriam.
  • Candriam’s ESG analysis has excluded Credit Suisse from our ESG universe since 2014.
  • In a matter of days, investors’ attention shifted from improving growth prospects to concerns about financial stability
  • In the European banking system, Credit Suisse was the weak link.
  • While Credit Suisse was a global systemically important bank (G-SIB), its weaknesses were known and, we believe, were not representative of Europe’s banking sector as a whole.
  • The contagion risk should now be limited by its acquisition over the weekend.
  • As this is primarily a matter of confidence in the banking sector, we are watching market history being written over the next few days.

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