By Andrea Heisinger
Omaha, Feb. 20 - Credit Suisse revised pricing on last week's $2 billion issue of 10-year subordinated notes.
Market sources said the move was made in response to an investor outcry after the investment bank announced a larger than anticipated write downs.
It's not often this happens, one source said.
The coupon was increased 25 basis points to 6% from 5.75%. The spread also increased accordingly to 237.5 bps from 212.5 bps.
The price of the notes is 99.671 plus accrued interest from Feb. 19 to Feb. 20. The notes were scheduled to settle Feb. 19, which was the day the pricing was revised.
Credit Suisse Securities LLC was bookrunner.
The investment bank is based in Zurich, Switzerland.
| Issuer: | Credit Suisse (through its New York branch)
|
| Issue: | Subordinated notes
|
| Amount: | $2 billion, with revised pricing
|
| Maturity: | Feb. 15, 2018 |
|
| Bookrunner: | Credit Suisse Securities LLC
|
| Coupon: | 6%
|
| Price: | 99.671 plus accrued interest from Feb. 19 to Feb. 20
|
| Yield: | 6.044%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call: | Non-callable
|
| Trade date: | Feb. 19
|
| Settlement date: | Feb. 20
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| Fitch: A+
|
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