Credit Suisse Group Funding’s $10.4 Billion Bail-in Bonds Issue

Homburger advised Credit Suisse Group AG on this deal.

Credit Suisse Group AG was successfully substituted for Credit Suisse Group Funding (Guernsey) Limited as issuer under seven different series of outstanding bail-in bonds (collectively, the Notes) issued by Credit Suisse Group Funding (Guernsey) Limited and with an aggregate principal amount of approximately USD 10.4 bn.

In connection with this issuer substitution, all rights and obligations of Credit Suisse Group Funding (Guernsey) Limited under the Notes, as well as under the related internal loan agreements pursuant to which the net proceeds received from the issuance of the Notes were onlent to subsidiaries of Credit Suisse Group AG were transferred to Credit Suisse Group AG.

The Notes qualify as debt instruments for loss absorbency in the course of insolvency measures (Schuldinstrumente zur Verlusttragung bei Insolvenzmassnahmen) under the Swiss Capital Adequacy Ordinance and, consequently, count towards Credit Suisse Group AG’s gone concern capital requirement under the Swiss Capital Adequacy Ordinance.

The Homburger team included René Bösch (Picture), Benjamin Leisinger, Dieter Grünblatt, Lee Saladino and Olivier Baum.

Involved fees earner: Olivier Baum – Homburger; René Bösch – Homburger; Dieter Grünblatt – Homburger; Benjamin Leisinger – Homburger; Lee Saladino – Homburger;

Law Firms: Homburger;

Clients: Credit Suisse;

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