Deals & Cases

2019-10-07

On August 28, 2019, Credit Suisse Group AG (CSG) launched, and on September 11, 2019, CSG successfully completed, its issuance of CHF 525 m 3.000 per cent. Perpetual Tier 1 Contingent Write-down Capital Notes (the Notes). The Notes are additional tier 1 (AT1) instruments that are eligible to fulfill CSG's Swiss going concern requirements.


The Notes are the first publicly offered bonds in Switzerland with an interest rate based on the Swiss Average Rate Overnight (SARON), the alternative reference rate for CHF LIBOR. Specifically, the interest rate on the Notes will be periodically reset over a mid-swap rate based on SARON rather than CHF LIBOR.


The Notes are governed by Swiss law, and have been admitted to trading, and application has been made for a listing of the Notes, on the SIX Swiss Exchange.


Homburger advised Credit Suisse with respect to all aspects of Swiss law. The Homburger team was led by partner René Bösch (Capital Markets) and included partners Benjamin Leisinger (Capital Markets) and Dieter Grünblatt (Tax), as well as counsel Lee Saladino and associate Andrea Ziswiler (both Capital Markets).