Deals
Credit Suisse Agrees to Sell $6.2 Billion of CoCos
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Credit Suisse Group AG, Switzerland’s second-biggest bank, agreed to sell about 6 billion Swiss francs ($6.17 billion) of contingent convertible bonds to existing shareholders in Qatar and Saudi Arabia.
The notes will be issued to Qatar Holding LLC and The Olayan Group no earlier than October 2013, in exchange for cash or Tier 1 capital notes the bank sold to the investors in 2008, the Zurich-based company said in an e-mailed statement today. Credit Suisse rose as much as 3.8 percent in Swiss trading.