Credit Suisse and Cairn Capital are planning a second tap of their first managed investment-grade rated equity tranche. The first chunk of the deal, called Derwent, closed late last year. The size of the first tap could not be determined, but officials expect to place about USD200 million-equivalent between the two.
Few rated equity deals have printed because tightening spreads forced planned deals to be postponed or pulled (DW, 12/21). Officials familiar with Derwent said it benefited from those deals being canceled and survived because it was structured with a short bucket and a lower guaranteed coupon than comparable deals.
