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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
ZeroHedges' Tyler Durden is the hero of Fight Club, the 1999 movie based on Chuck Palahniuk's novel that reflected Chuck's experience in the Cacophony Society Quote: "Goddamn it, an entire generation pumping gas, waiting tables, slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off."

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