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SAO PAULO (Reuters) -Brazilian planemaker Embraer closed a deal to sell 20 of its E195-E2 commercial unit to leasing and management firm TrueNoord, in a deal valued at $1.8 billion, the companies said Tuesday. The deal includes purchase rights to potentially acquire 30 additional jets, which would be 20 E195-E2 units and 10 E175-E1 units, the companies added in a statement. The agreement is TrueNoord's first ever direct request to a planemaker. "The order is an important step in our continued growth as a global leasing platform," TrueNoord CEO Anne-Bart Tieleman said in the statement, highlighting the company's interest on regional jets. Embraer's commercial aviation unit head, Arjan Meijer, said the deal reflects a "significant acknowledgement of the capacities and success of the E2 family in the market." Both companies did not provide any details about when the jets' delivery would occur. Analysts at JP Morgan expect the market to react positively to the news, as Embraer "continues to gain new clients." Embraer's Brazil-listed shares were up more than 2% in early trading. Ratings agency Moody's changed the firm's outlook to positive right after the announcement, while affirming its Baa3 rating. Last week, Embraer formalized a deal to sell four military cargo planes to Sweden to replace the European nation's aging aircraft. In September, LATAM Airlines also announced the request of 24 E195-E2 aircraft, with purchase options for another 50. (Reporting by Fernando Cardoso; Editing by Aida Pelaez-Fernandez)

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By Dave Graham, John Revill and Kirsti Knolle ZURICH (Reuters) -Swiss authorities' 2023 decision to write off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a court said on Tuesday, raising fresh questions about how the bank's rescue and subsequent takeover by UBS was handled. The March 2023 decision by market regulator FINMA to wipe out Credit Suisse's Additional Tier 1 (AT1) bonds during the state-engineered takeover by its old rival UBS triggered an investor backlash and legal challenges. UBS SHARES SLIDE AFTER RULING UBS's shares fell after news of the Federal Administrative Court's decision broke, slipping over 3.5% in afternoon trade. In a partial decision, the court said the 2023 AT1 bond write-off lacked a legal basis. "It considered that the bondholders' property rights were seriously interfered with, which would have required a clear and formal legal basis. But no such basis existed," the court said. The decision can be appealed at the country's top court. The Swiss finance ministry and FINMA both said they would analyse the court's decision. UBS declined to comment. "The decision is not completely unexpected, and I expect it to be appealed," said Hans Gersbach, a banking and economics professor at ETH University in Zurich. 2023 DECISION LEFT MARKETS STUNNED The 2023 write-off stunned markets by prioritizing shareholder compensation over bondholder claims, upending the normal capital structure hierarchy. When Credit Suisse was taken over, shareholders received UBS stock valued at around $3.25 billion. AT1 holders were left with nothing, prompting lawsuits in Switzerland, the U.S., and investor-state arbitration under bilateral treaties. Around 3,000 complainants lodged appeals with the court over FINMA's decree in about 360 cases, the court said. In essence, complainants requested that the decree be revoked, and that the write-off be reversed, it added. The court made a partial decision in one appeal case and revoked FINMA's decree. It has not yet decided on the reversal request. The other cases are now suspended until a decision regarding the revocation of the decree has become final. Law firm Quinn Emanuel, which represents many of the complainants, welcomed the court's decision. "The Quinn Emanuel team is carefully reviewing the ruling to fully assess its implications," said Thomas Werlen, Quinn Emanuel's Managing Partner for Switzerland. Investors are unlikely to recover the full 16.5 billion francs, analysts have previously said, as the bonds had lost considerable value by the time of Credit Suisse's rescue. BONDS WERE DESIGNED TO PREVENT TAXPAYER BAILOUT AT1 bonds, introduced after the 2008 financial crisis, are hybrid debt instruments issued by banks to bolster their capital buffers and absorb losses in times of stress. The bonds, which are designed to help banks avoid taxpayer funded bailouts, typically offer higher yields than senior bank debt. While terms for AT1 bonds allow for write-downs under certain conditions, investors argued that FINMA's action violated expectations and contractual norms. ($1 = 0.8038 Swiss francs) ($1 = 0.8030 Swiss francs) (Reporting by Kirsti Knolle, John Revill, Dave Graham and Louise Heavens)

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By Ateev Bhandari and Saeed Azhar (Reuters) -Goldman Sachs beat Wall Street expectations for third-quarter profit on Tuesday, as its investment bankers earned higher advisory fees and rallying markets boosted revenue from managing client assets. The bank's prediction for a banner year for dealmaking has materialized as corporations revive plans for mergers and listings.   Goldman's investment banking fees surged 42% to $2.66 billion in the quarter ended September 30 from a year ago. Analysts were expecting a 14.3% increase, according to the average estimate compiled by LSEG. A Goldman executive said the firm advised on $1 trillion in announced mergers and acquisitions year to date, $220 billion more than its next closest competitor. It advised Electronic Arts on its $55 billion sale to a consortium of private equity firms and Saudi Arabia's Public Investment Fund this year, and also advised Holcim on the spinoff of its North American business Amrize, now valued at $26 billion. Goldman also advised Fifth Third Bancorp, which this month agreed to buy regional lender Comerica in a $10.9 billion deal to create the ninth-largest U.S. bank. ADVISORY FEES JUMP The growth was fueled by a 60% surge in advisory fees, while debt and equity underwriting fees also increased. Rival JPMorgan Chase also reported robust investment banking numbers. Goldman shares fell 4.7% in early trading. The shares have surged 37% year-to-date as of Monday, reflecting the dealmaking rebound. "This quarter's results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment," CEO David Solomon said in a statement. "We know that conditions can change quickly and so we remain focused on strong risk management," he said, echoing cautious optimism from JPMorgan CEO Jamie Dimon.  Global M&A volumes for the first nine months of the year crossed $3.43 trillion, with nearly 48% of it in the U.S., according to data from Dealogic.  The period also saw the highest average M&A volume globally and in the U.S. since 2015, in line with Solomon's prediction at last year's Reuters NEXT conference.  Goldman was among the joint book-running managers on marquee initial public offerings in the quarter, including design software firm Figma, Swedish fintech Klarna, and space tech firm Firefly Aerospace.  Overall quarterly profit was $4.1 billion, or $12.25 per share, exceeding Wall Street expectations of $11 per share. "The capital markets machine has clearly shifted into a higher gear, with robust stock prices, a reduced regulatory burden, and the prospect of lower interest rates likely to keep the momentum going," said Stephen Biggar, a banking analyst at Argus Research. Goldman executives have been increasingly optimistic about dealmaking in recent months, with Solomon saying in September it had one of its busiest weeks for IPOs in more than four years.  ASSET AND WEALTH MANAGEMENT FOCUS Revenue from asset and wealth management rose 17% to $4.4 billion, marking the first quarterly jump this year for the segment. This reflected record-high management fees, as well as private banking and lending revenue.  The business is a key priority for Goldman as it seeks steadier revenue from fees, which offset the volatility in its advisory and trading businesses. Goldman said last month it would take a stake worth as much as $1 billion in T. Rowe Price, as part of a partnership to tap the asset manager's retirement money for alternative assets. Assets under supervision climbed to $3.45 trillion, boosting management fees by 12%. Goldman set aside $339 million as provisions for credit losses, compared with $397 million a year ago. The provisions were mainly related to its credit card portfolio. SUSTAINED TRADING RESILIENCE  Wall Street trading desks have reaped rewards from record volatility as clients rejig portfolios to keep pace with changes in President Donald Trump's trade, foreign, and fiscal policies.      The third quarter, however, remained one of Wall Street's calmest quarters in nearly six years as an interest-rate cut from the Federal Reserve and robust AI investment pushed major U.S. stock indexes to record highs. Still, Goldman's equities trading revenue rose 7% to $3.74 billion, fueled by higher revenue in financing, which offset lower revenue from cash equities. Fixed income, currency and commodities hauled in $3.47 billion, 17% higher than a year ago.    (Reporting by Ateev Bhandari in Bengaluru and Saeed Azhar in New York; Editing by Lananh Nguyen, Arun Koyyur, Rod Nickel)

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