Credit Suisse SFr525 million 3% bond issue

Overview:

• Investment bank Credit Suisse issued SFr525 million 3% perpetual tier 1 notes. 
• The dea was the first public issue in the Swiss market to use Swiss benchmark rate SARON, an alternative to LIBOR which is due to be phased out by 2021.
• The notes pay a fixed coupon rate until 2025, after which the coupon, unless called, will reset at the five year mid-swap rate referencing SARON.

Rajeeb Gurung - Researcher