Credit Suisse Group AG said it’s issuing about 6 billion Swiss francs ($6.17 billion) of Tier-1 buffer capital notes to Qatar Holding LLC and The Olayan Group to satisfy new Swiss capital-adequacy rules under the “too-big-to-fail” regime.
“We have worked in close cooperation with our primary regulator, Finma, to ensure that the buffer capital notes will qualify under the future Swiss capital rules as contingent capital,” Chief Executive Officer Brady Dougan said today in an e-mailed statement. The notes are to be paid no earlier than October 2013 in cash or in exchange for Tier 1 capital notes issued in 2008.
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MARKETS: *The SMI gained 0.8 percent to close at 6,665.22 *The SPI rose 0.8 percent to close at 5,984.07 *The Stoxx Europe 600 Index added 0.4% to 287.99 *Euro -- Franc at 1.3181 at 7:39 a.m. Zurich time