Bank capital in focus as CS tests depth of coco market

In a crucial week for bank capital, Credit Suisse is set to price a tier two Reg S 30 non-call 5-1.2 year buffer capital note issue. The deal is another step in the development of the budding contingent capital market and expectations are that it will confirm a real depth of investor demand for this type of product. The move comes as part of a larger exercise in which Credit Suisse privately placed Sfr6bn of tier one buffer capital notes with two strategic investors. Expectations are that the Reg S deal will be $2bn in size with an 8%-8.5% coupon.