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    From think.ing.com

    Without a doubt, the main talking point from markets overnight has to be the 36.3bp decline in 2Y US Treasury yields, which now yield 3.887%. A 23.4bp decline in yields on 10Y US Treasuries means the 2s10s curve remains inverted, but at 3.455% on the 10Y, the curve is a lot flatter than it has been recently. A little over a week ago, the 2Y Treasury note was yielding more than 5%. All this seems still to be related to banking angst, with concern about Credit Suisse yesterday adding to the SVB drama of the previous week. OFR financial stress indicators have been spiking higher, though they are down a bit overnight, ... (full story)

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    House Prices Continue to Fall as Borrowing Costs Rise

    From imf.org|Mar 15, 2023

    Global housing markets are retreating after years of steady gains. The Chart of the Week shows widespread declines in inflation-adjusted housing prices for two-thirds of the ...

    Credit Suisse will borrow up to 50bln Swiss Francs from the Swiss National Bank

    From @financialjuice|Mar 15, 2023|8 comments

    tweet at 8:49pm: CREDIT SUISSE WILL BORROW UP TO 50BLN SWISS FRANCS FROM THE SWISS NATIONAL BANK. tweet at 8:49pm: CREDIT SUISSE - TAKING DECISIVE ACTION TO PRE-EMPTIVELY STRENGTHEN ITS LIQUIDITY BY INTENDING TO EXERCISE ITS OPTION TO BORROW FROM SNB UP TO CHF 50 BLN UNDER A COVERED LOAN FACILITY AS WELL AS A SHORT-TERM LIQUIDITY FACILITY tweet at 9:02pm: FTSE FUTURES JUMP 1%; EUROSTOXX FUTURES UP 1.5% AFTER CREDIT SUISSE ANNOUNCES BORROWING FROM SNBCredit Suisse to borrow up to about $54 billion from Swiss National Bank Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility. The steps will “support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the company said in an announcement. In addition, the bank is making a cash tender offer in relation to ten U.S. dollar denominated senior debt securities for an aggregate consideration of up to $2.5 billion – as well as a separate offer to four Euro denominated senior debt securities for up to an aggregate 500 million euros, the company said.

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