LONDON (Reuters) – Credit Suisse was on Wednesday set to raise three billion euros from the sale of a bond due in March 2029 by its holding company, Refinitiv’s capital markets news service IFR reported.
Investor orders for the bond, callable in March 2028, exceeded 7.5 billion euros and it was set to be priced at a spread of 495 basis points over the mid-swap level, IFR said.
Credit Suisse was the sole bookrunner for the bond, expected to be rated Baa2/BBB-/BBB by Moody’s, S&P and Fitch, IFR said.
Last week S&P Global Ratings downgraded Credit Suisse Group’s long-term credit rating to one step above junk bond status, citing “material execution risks” in the bank’s efforts to get back on solid ground after a series of scandals and losses.
(Reporting by Dhara Ranasinghe and Yoruk Bahceli; editing by Yoruk Bahceli and Louise Heavens)
