Shares of Chubb Ltd. CB climbed 2.6% in midday trading Tuesday, after the insurer disclosed that it had no exposure to any of Credit Suisse AG’s CSCH:CSGN contingent convertible bonds, known as CoCos. As part of the deal in which troubled Credit Suisse gets sold to UBS AGUBSCH:UBSG, regulators wrote down the value of Credit Suisse’s U.S. dollar-denominated CoCo debt to zero. Chubb said its disclosure was in response to recently published reports that were incorrect. Prior to Tuesday’s bounce, Chubb’s stock had dropped 8.9% over the previous two weeks, while the SPDR S&P Insurance exchange-traded fund KIE had shed 10.4% and the S&P 500 SPX had lost 2.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
