CS Treasury lifts the lid on landmark Coco deal

04 Mar 2011

In February 2011, Credit Suisse blew open the doors of the contingent capital market, presenting the market with $8.2bn of buffer capital notes through a dual tranche private placement and a public issue. The trade was seen as a pivotal moment for the Coco market, appearing to silence those doubters who had said it would take years for the asset class to grow. In an exclusive interview, EuroWeek spoke to Kim Fox-Moertl, head of capital management in Credit Suisse’s group treasury, and to Rolf Enderli, Group Treasurer, about the deal’s origins and structure, the challenges it posed and its impact on the future of the contingent capital market.

When did the process and thinking around the transaction start?

Rolf Enderli: The thought process started very early. It was in the middle of the financial crisis that the bank started to think of what the solution could be to the challenges faced by banks. In January 2010, ...

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