Published on 5/22/2014 in the Prospect News Investment Grade Daily.
New Issue: Credit Suisse prices $5 billion of notes in three-, five-year tranches
By Aleesia Forni
Virginia Beach, May 22 - Credit Suisse AG, acting through its New York branch, priced $5 billion of notes in three fixed- and floating-rate tranches due 2017 and 2019, according to a market source and a FWP filed with the Securities and Exchange Commission.
The sale included $1.25 billion of floating-rate notes due 2017 priced at par to yield Libor plus 49 basis points.
A second tranche was $1.75 billion of 1.375% three-year notes priced at 99.971 to yield Treasuries plus 60 bps.
There was also $2 billion of 2.3% notes due 2019 priced at 99.794 with a spread of Treasuries plus 80 bps.
Credit Suisse Securities (USA) LLC was the bookrunner.
Proceeds will be used for general corporate purposes.
The financial services company is based in Zurich.
| Issuer: | Credit Suisse AG, New York branch
|
| Issue: | Senior notes
|
| Amount: | $5 billion
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Co-managers: | BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Capital One Securities, | Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Fifth Third Securities, | Inc., ING Financial Markets LLC, Lloyds Securities Inc., nabSecurities, LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Skandinaviska Enskilda Banken AB (publ.), Standard Chartered Bank, SunTrust Robinson Humphrey, | Inc., TD Securities (USA) LLC, UniCredit Capital Markets LLC, U.S. Bancorp Investments, | Inc., Wells Fargo Securities, LLC
|
| Junior co-managers: | Lebenthal | & Co., LLC, MFR Securities, | Inc., Mischler Financial Group, | Inc., Samuel A. Ramirez | & Company, | Inc.
|
| Trade date: | May 22
|
| Settlement date: | May 28
|
| Distribution: | SEC-registered
|
|
|
| Three-year floaters
|
| Amount: | $1.25 billion
|
| Maturity: | May 26, 2017
|
| Coupon: | Libor plus 49 bps
|
| Price: | Par
|
| Yield: | Libor plus 49 bps
|
|
|
| Three-year notes
|
| Amount: | $1.75 billion
|
| Maturity: | May 26, 2017
|
| Coupon: | 1.375%
|
| Price: | 99.971
|
| Spread: | Treasuries plus 60 bps
|
|
|
| Five-year notes
|
| Amount: | $2 billion
|
| Maturity: | May 28, 2019
|
| Coupon: | 2.3%
|
| Price: | 99.794
|
| Spread: | Treasuries plus 80 bps
|
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