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Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

Summary:
Literally moments ago we said that the Archegos portoflio was being sold off all day on fears of “stealth” prime broker deleveraging, as tens of millions of shares were yet to be accounted for. Then, moments after 5pm, Credit Suisse – the firm that was hammered the hardest by the Archegos implosion and which had yet to provide a detailed breakdown of its Bill Hwang-linked P&L – confirmed what we said, when it unveiled a massive secondary offering dump, including shares of VIACA, VIPS and FTCH. As shown in the block notice below, Credit Suisse hopes to sell its remaining holdings in VIAC at -.75; its VIPS at .50-.50 and its FTCH at .50-.25. While it is unclear what losses the Swiss bank is taking on these final unwinds, it’s safe to say that they

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Literally moments ago we said that the Archegos portoflio was being sold off all day on fears of “stealth” prime broker deleveraging, as tens of millions of shares were yet to be accounted for. Then, moments after 5pm, Credit Suisse – the firm that was hammered the hardest by the Archegos implosion and which had yet to provide a detailed breakdown of its Bill Hwang-linked P&L – confirmed what we said, when it unveiled a massive secondary offering dump, including shares of VIACA, VIPS and FTCH.

As shown in the block notice below, Credit Suisse hopes to sell its remaining holdings in VIAC at $41-$42.75; its VIPS at $28.50-$29.50 and its FTCH at $47.50-$49.25. While it is unclear what losses the Swiss bank is taking on these final unwinds, it’s safe to say that they are in the billions.

Block Portfolio Launching

Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

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Naturally, the shares puked on the news, with ViacomCBS…

ViacomCBS

Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

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… VipShop…

VipShop

Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

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… and Farfetch all tumbling…

Farfetch

Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

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… but the good news – for the bulls – is that with this final secondary dump eliminating the residual overhang which we discussed just minutes earlier, Credit Suisse will have no more to sell (and will finally have to come clean on what its final P&L hit was), and with all other Prime Brokers reportedly in the clear, the move higher in the hammered Archegos shares can resume as the Hwang puke turns into yet another short squeeze.


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Tyler Durden
Tyler Durden is a reference to the lead character in Fight Club. It's the pseudonym for Zero Hedge's key author(s) used to hide their identities.

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