IFLR1000

Credit Suisse $1.5 billion CoCo and SFr200 million contingent write-down notes issues

31/3/2017
Convertible and hybrid securities, High-yield bond/note issue
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$ 1.699 billion

Completed

31/3/2017

Overview:

  • Credit Suisse has issued $1.5 billion 7.125% perpetual Tier 1 contingent convertible (CoCo) notes and SFr200 million 3.875% perpetual contingent write-down capital notes.
  • Both series are 'high trigger' regulatory capital instruments that are eligible to fulfill the group's Swiss going concern requirements.
  • Both sets of notes are the first examples of those types of instruments issued directly by Credit Suisse.
  • Credit Suisse Securities (Europe) served as the sole bookrunner manager on the matter, with Commerzbank, Danske Bank, ING Bank, RBC Europe, Santander Global Banking & Markets, Société Générale, The Toronto-Dominian Bank, UniCredit Bank and Wells Fargo Securities acting as the joint lead managers.

Jon Moore - Journalist

Jurisdiction:

Switzerland

Deal types:

Convertible and hybrid securities
High-yield bond/note issue

Practice area:

Capital markets : Debt

Governing law:

Switzerland

Industry sector:

Banking

Firms:
Cleary Gottlieb Steen & Hamilton

Party: Credit Suisse (Issuer)

Lawyer: David Gottlieb

Homburger

Party: Credit Suisse (Issuer)

Lawyer: René Bösch

Linklaters

Party: Commerzbank AG (Lead manager)

Party: Credit Suisse Securities (Bookrunner)

Party: Danske Bank (Lead manager)

Party: ING Bank (Lead manager)

Party: RBC Europe (Lead manager)

Party: Santander Global Banking & Markets (Lead manager)

Party: Société Générale (Lead manager)

Party: Toronto-Dominion Bank (Lead manager)

Party: Unicredit Bank (Lead manager)

Party: Wells Fargo Securities (Lead manager)

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