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Credit Suisse Issues CoCos To Raise Capital
Credit Suisse has issued an estimated CHF6 billion ($6.16 billion) in contingent convertible bonds to help it meet new higher capital requirements.
Credit Suissehas issued an estimated CHF6 billion ($6.16 billion) in contingent convertible bonds to help it meet new higher capital requirements. The two bonds, known as CoCos, were placed withQatar Holding, that country’s sovereign wealth fund, and theOlayan Group, a Saudi conglomerate, and comes in two currencies: $3.5 billion and CHF2.5 ($2.57 billion) billion. The bank says the CoCos will satisfy 50% of high-trigger contingent capital requirement under proposed new Swiss capital rules