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.