SNB Chairman says UBS-Credit Suisse merger is a done deal

BY Reuters | ECONOMIC | 03/23/23 07:46 AM EDT

ZURICH, March 23 (Reuters) - Swiss National Bank Chairman Thomas Jordan said UBS's takeover of Credit Suisse was not in doubt and would not need further liquidity support from the central bank to proceed.

"It is a done deal, there is a full commitment from UBS to take over Credit Suisse," Jordan told Reuters in an interview on Thursday.

"At the moment the liquidity instruments are very big, they are bold. I think that should be sufficient to make sure this transaction takes place in a smooth way," he added. (Reporting by John Revill; Editing by Hugh Lawson)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.