Practice Areas - Debt Capital Markets Law Firms and Lawyers
| Deal Date: | 07-03-2011 | Practice Area: | Debt Capital Markets |
| Deal Title: | Credit Suisse Contingent Convertible Bonds | Industry: | Banks |
| Description: |
Allen & Overy advised Qatar Holding LLC on its groundbreaking exchange of existing Tier 1 instruments of Credit Suisse Group (CSG) for USD1.72 billion 9.5% and CHF2.5bn 9% contingent convertible bonds (CoCos).
These are convertible into ordinary shares of CSG in the event that CSG's core Tier 1 capital ratio falls below a prescribed threshold, or CSG requires public sector financial support. This enabled the bank to replace existing capital which will, after 1 January 2013, no longer count as Tier 1 capital.
The terms of the CoCos, which were approved by the Swiss regulator, were structured with a view to "future proofing" their compliance with Basel III guidelines for additional going concern Tier 1 capital.
The Allen & Overy team was led by partners Stephen Miller and Jonathan Mellor, senior associate James Taylor and associate Mae Shaan Teo.
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| Financial Center: | London | Value: | 1000.01-5000.00 |
| Advised Party: | Lead Manager | Law Firm | Allen & Overy |
| Issuer Jurisdiction: | United Kingdom | Listing Jurisdiction: | United Kingdom |
| Classification: |
Equity-Linked Securities Convertible Bonds |
Lawyer | Jonathan Mellor |
