CS attracts hefty AT1 demand but struggles for price compression

By David Freitas
15 Aug 2019

Credit Suisse sold a dollar-denominated additional tier one (AT1) bond on Wednesday. Despite hefty demand for the notes, the issuer only revised the pricing by a small margin as market turmoil increased through the day.

The Swiss lender started out with price thoughts of 6.5% area, acting as sole bookrunner for the perpetual non-call seven year AT1.

Investors supported the trade with $3bn of orders soon after the books had been opened.

Later on, Credit Suisse priced the transaction at a coupon rate of 6.375% and ...

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