Credit Suisse forges future of bank capital with $8.2bn Coco
Investors emphatically endorsed what could turn out to be the bank finance market’s most important deal since the fall of Lehman Brothers, supplying $8.2bn of buffer capital notes (BCNs) to Credit Suisse.
Appetite for the dual tranche private placement and Reg S deal was immense orders for the public issue alone exceeded $22bn from over 500 accounts.
This silenced market muttering that Cocos would need years to convince potential buyers. And investor approval came despite it being the riskiest high
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