Credit Suisse brings rare FRN in dual tranche trade
Credit Suisse gave investors a rare chance to pick up both fixed and floating rate senior bonds on Monday. The dual tranche deal was met with healthy demand, despite progressing more slowly than expected.
Credit Suisse Group (Baa1/BBB+/A-) was marketing a five year non-call four FRN in senior format, alongside a 12 year fixed rate deal.
The two bonds will have value as total loss-absorbing capacity (TLAC), which has been in focus for banks at the start of 2021....