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Credit Suisse seeks to convert seven covered series into soft bullets
By Susanna Moon
Chicago, Nov. 24 – Credit Suisse AG, Guernsey Branch said it began consent solicitations to amend seven series of covered bonds.
The company is soliciting consents to amend the following bond series to modify the terms of each series to change them into “soft bullet” covered bonds from being “hard bullet” covered bonds, according to a company press release:
• €1.25 billion covered bonds due December 2015;
• €1 billion covered bonds due May 2016;
• €1.25 billion covered bonds due January 2017;
• €1.25 billion covered bonds due October 2018;
• €1.75 billion covered bonds due March 2019;
• €1.25 billion covered bonds due January 2021; and
• €600 million covered bonds due July 2039.
The swap agreement also would be modified, the company noted.
Those who deliver consents to amend the notes by noon ET on Dec. 11 will receive 0.05%.
Holders may continue to submit consents by up to noon ET on Dec. 22.
The meetings will be held Dec. 16.
Credit Suisse continually reviews regulatory and market developments, as an active participant in the covered bond market, and the proposed amendments align the terms and conditions of the older outstanding series with those of the most recently issued series 9 to ensure ongoing cost efficiency of this funding program, the press release said.
The financial services company is based in Zurich.
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