'The [bond] market is clearly closed,' said Tim o 'hara, who heads credit underwriting at credit Suisse Group.

'the strategic relationship between Credit Suisse and Founder Group includes a proposed joint venture in A-share underwriting, corporate advisory, and research,' the memo reads.

And they'd work to build up investment banking activities ranging from underwriting stock and bond offerings to selling packages of securitized mortgages, credit card receipts and car loans.