Homburger advised Credit Suisse on successfully launching its inaugural SARON-based Additional Tier 1 Bonds in the Swiss market and SOFR-linked Bail-in Bonds in the U.S. market
These are the first benchmark deals of Credit Suisse Group AG using interest rates that are based on one of the new risk-free rates established as an alternative to LIBOR, and the AT1 issuance is the first public issuance in the Swiss market to reset over mid-swaps based on SARON. Homburger advised Credit Suisse on the structuring, documentation and launch of these innovative transactions. Homburger also recently supported the National Working Group for Reference Rates in Swiss Francs in the development of preferred interest rate provisions for SARON floating rate notes, including sample fallback language.
The Homburger Team included partners René Bösch and Benjamin Leisinger (both Financial Market Regulation and Capital Markets) as well as Dieter Grünblatt (Tax), Lee Saladino (Counsel, Capital Markets) and Andrea Ziswiler (Associate, Financial Market Regulation and Capital Markets).
Homburger advised Credit Suisse Group AG on the first publicly offered bond issuance in the Swiss market with an interest rate based on SARON
Homburger advised Credit Suisse Group AG on its issuance of USD 2 bn bail-inable notes, which was the first Swiss law-governed bond issuance with an interest rate determined by reference to SOFR
Homburger advised Credit Suisse Group AG on its issuance of EUR 1 bn bail-inable notes