Research Press Release

Press Release

Credit Suisse successfully prices its inaugural SGD-denominated Additional Tier 1 Perpetual bond

Credit Suisse Group AG ("CSG") successfully priced SGD750 million of Additional Tier 1 Perpetual non-call 5-year Contingent Write-Down Capital Notes ("the Notes"), marking its first ever issuance in the Singapore-dollar bond market. The transaction serves to diversify CSG's AT1 issuance currency and fixed income investor base.

The Notes were priced at a yield of 5.625% and will be rated BB- by S&P and BB by Fitch. CSG is rated Baa2 by Moody's, BBB+ by S&P and A- by Fitch. Credit Suisse acted as Sole Global Coordinator, Sole Structuring Agent and Joint Bookrunner on the transaction.

The successful two-day execution allowed CSG to maximize participation and achieve the tightest pricing, attracting strong interest from both institutional and private banking accounts. At the final price guidance level, total orders stood in excess of SGD2.7 billion. By geography, Singapore accounts were allocated 91%, rest of Asia 7% and European accounts 2%. By investor type, private banks were allocated 84%, fund managers 10%, banks 4% and insurers 2%.

Helman Sitohang, CEO Asia Pacific, Credit Suisse, said: "This transaction underscores Credit Suisse's commitment to the Asia Pacific region, establishes a new source of funding for the bank and diversifies our investor base. It also demonstrates our world-class execution capabilities and the unique value proposition of our integrated model which is based on close collaboration between our regional and global investment banking teams and our private bank in delivering capital raising and hedging solutions. The strong distribution platform that comes from Credit Suisse Private Banking is a key differentiator for us."