Credit Suisse Said to Update Price Guidance Ahead of Sale of Samurai Bonds

Credit Suisse Group AG, the second- biggest Swiss bank by assets, updated its price guidance for a planned sale of Samurai bonds tomorrow, according to a person with direct knowledge of the transaction.

The lender plans to sell floating-rate notes due March 2014 to yield 60 basis points more than the three-month London interbank offered rate for yen, said the person, who asked not to be named as the information is private.

It also plans to offer five-year, fixed-rate bonds priced to yield 55 basis points more than the yen swap rate, according to the person. Final terms will be decided tomorrow, the person said.

Credit Suisse Group Finance (Guernsey) Ltd. will issue the bonds and Credit Suisse Group AG will guarantee them, according to a Sept. 2 filing with Japan’s finance ministry.

Mitsubishi UFJ Morgan Stanley Securities Co. and Nikko Cordial Securities Inc. are helping Credit Suisse Securities Japan Ltd. sell the floating notes, while Mitsubishi UFJ Morgan Stanley, Nikko Cordial and Mizuho Securities Co. are helping Credit Suisse’s Japan unit with the fixed-rate offer, the filing shows.

Samurai bonds are yen-denominated debt sold in Japan by overseas borrowers. A basis point is 0.01 percentage point.

To contact the reporters on this story: Yusuke Miyazawa in Tokyo at ymiyazawa3@bloomberg.net

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