Bailout Arrives: Credit Suisse To Borrow $54BN From SNB To "Pre-emptively Strengthen Liquidity" | ZeroHedge

Bailout Arrives: Credit Suisse To Borrow $54BN From SNB To "Pre-emptively Strengthen Liquidity" | ZeroHedge - BY TYLER DURDEN

Summary: 

• Saudis fold - refuse to throw any more money at Credit Suisse
• Credit Suisse stock hits record low
• Credit Suisse 1Y CDS explodes as counterparty risk hedging soars
• Credit Suisse execs urged a "show of confidence" from the Swiss National Bank
• ECB quantifying exposures to Credit Suisse
• US Treasury monitoring situation, talking with other regulators
• Fed working with UST to quantify exposures
• One major govt is pressuring Swiss to intervene
• Systemic risk threat spreads globally
• Swiss authorities seeking to stabilize bank
• Swiss National Bank and Finma issue statement of support
• Credit Suisse said it’s planning to borrow from the Swiss National Bank up to CHF50 billion under a covered loan facility.

Update (21:00ET): And so, the "bailout" arrives just a few hours before the Europe open, Credit Suisse said it’s planning to borrow from the Swiss National Bank up to CHF50 billion ($54 billion) under a covered loan facility which is "fully collateralized by high quality assets". 

• It wasn't immediately clear what high quality assets CS has left to pledge but in a time of BTFP, we are confident they found something...