Credit Suisse raised about $5bn via a multi-currency issuance across euro and dollar denominated bonds. It raised:
- €3bn via a 6Y bond at a yield of 7.856%, 30bp inside initial guidance of MS+525bp area. The senior unsecured bonds are rated Baa2/BBB-/BBB by (Moody’s/S&P/Fitch) and received orders over €7.5bn, 2.5x issue size. The bond’s coupon rate was fixed at 7.75%, the second-highest ever for a new senior investment-grade rated bank deal in euros, as per Bloomberg.
- $2bn via a 11NC10 bond at a yield of 9.016%, 27.5bp inside initial guidance of T+512.5bp area. The senior unsecured bonds are rated Baa2/BBB-/BBB by Moody’s/S&P/Fitch and received orders over $8bn, 4x issue size. The new bonds offer a new issue premium of ~43bp over its older 6.537% 2033s callable in August 2032 that currently yield 8.59%.
Proceeds will be used for general corporate purposes and the issuance marks the completion of Credit Suisse’s debt funding plans for the year and will count toward its TLAC requirements.
