Credit Suisse adds 25bp to coupon and yield
The banking sector doesn't really need any more gratuitous bad news, but Credit Suisse decided to provide some anyway when it announced an error in pricing MBS which will hit its first quarter net income to the tune of around $1bn. It was forced to reprice its $2bn 10 year sub note of last week with an additional 25bp in coupon and yield. Only Ryder Systems felt brave enough to issue and it brought a tiddly $250m five year, which was hardly enough to excite the market.
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