Credit Suisse Group AG sold a structured note tied to Bahrain’s first debt offering open to U.S. investors.
The $5.4 million one-year credit-linked note pays a fixed interest rate of 2.58 percent and will be redeemed at par unless a credit event occurs on Bahrain’s only outstanding international bond, according to data compiled by Bloomberg.
The security, issued on April 5, is only the third note to be tied to the Gulf nation’s bond since it was issued in March 2010, Bloomberg data show. Bahrain raised $1.25 billion from selling the security.
Last month Standard Chartered sold a $20 million one-year note tied to the bond and UBS sold a $1.05 million five-year note linked to Bahrain and ICICI Bank Ltd., Bloomberg data show.
Adam Bradbery, a spokesman for Credit Suisse in London, didn’t respond to requests for comment.