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Financial Times Reports UBS Has Agreed to Buy Credit Suisse

The Financial Times is reporting that UBS has agreed to buy Credit Suisse in an all-share deal that will essentially wipe out equity shareholders in the long-troubled Swiss institution. According to the report, the Swiss National Bank will make an additional $100 billion in liquidity available to Credit Suisse, supplementing a facility set up last week – and the deal involves a “material adverse change” clause that would void the deal if unknown exposures on the bank’s books endanger the acquirer’s credit position.

The euro is expected to see gains as Swiss authorities perform their own version of Mario Draghi’s “whatever it takes” moment from more than a decade ago.

The deal, along with measures reportedly being taken to support the American regional banking sector, should lift global risk appetite at the open later this afternoon – but might also serve to firm odds on another quarter-point rate increase at the Federal Reserve’s Wednesday meeting.

Rumours have circulated throughout the weekend around private jets flying into Omaha, Nebraska (home of Warren Buffett) carrying bankers and officials from around the country. We’re not confident in these reports, but if past serves as prologue, a vote of confidence from Uncle Warren could pour rocket fuel into North American markets ahead of tomorrow’s session.

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Higher for (even) longer