Credit Suisse Exchanged $4.5 Billion Qatar Notes to CoCos - Bloomberg

Credit Suisse Exchanged $4.5 Billion Qatar Notes to CoCos - Bloomberg:

"Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, said it exchanged $4.5 billion of notes held by the Qatar Investment Authority into debt that qualifies as capital under stricter rules.
The Zurich-based bank and Qatari sovereign wealth fund swapped the Tier 1 capital notes for contingent-convertible bonds on Oct. 23 in a transaction approved by Swiss financial regulator Finma, Credit Suisse said in a report today.
The bank and Persian Gulf nation have boosted ties after the wealth fund participated in Credit Suisse’s capital increase during the 2008 financial crisis. The swap helps the Swiss lender meet demands from the regulator that it boost reserves of capital that can better absorb losses amid turmoil such as that following the meltdown of the U.S. housing market."

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