Credit Suisse finds window for record low AT1 print
Credit Suisse took advantage of a ferocious rally in subordinated debt to land its lowest ever coupon for an additional tier one (AT1) in dollars this week. The deal was also the Swiss bank’s debut use of Sofr to hedge interest rate risk on new issuance.
Credit Suisse Group opened order books on a perpetual non-call 10 year AT1 during Asia hours on Wednesday morning.
It was quickly met with a lot of demand, which carried on building through the course of the European trading session.By the time the US market ...