Credit Suisse has issued an estimated CHF6 billion ($6.16 billion) in contingent convertible bonds to help it meet new higher capital requirements. The two bonds, known as CoCos, were placed with Qatar Holding, that country’s sovereign wealth fund, and the Olayan Group, a Saudi conglomerate, and comes in two currencies: $3.5 billion and CHF2.5 ($2.57 billion) billion. The bank says the CoCos will satisfy 50% of high-trigger contingent capital requirement under proposed new Swiss capital rules
Click here to read the release from Credit Suisse.