Bond Factsheet
Trading without Accrued Interest
CS 5.625% Perpetual Corp (SGD)
Credit Suisse Group AG
Indicative
Full Lot
Bid Price 0.001
Change in Bid Price 4.999
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 0.001
Change in Ask Price 9.999
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 23 Mar 2023, 12:00am
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Credit Suisse Group AG
Guarantor
-
Announcement Date
29 May 2019
Issue Date
06 Jun 2019
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.164
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.625
Coupon Type
Variable
Annual Coupon Rate
5.625
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 06 June 2024 and every 5 years thereafter
Reset Rate: 5-year SGD Swap Offer Rate + Initial Credit Spread (3.767%)
Accrued Interest
Trading without
ISIN
CH0482172324
CUSIP
ZS8776818
Bond Currency
SGD
Total Issue Size
750,000,000
Outstanding Issue Size
-
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ W.R
Bond Credit Rating (S&P/ Fitch)
***/ W.R
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Write-down Event
If a Contingency Event or, subject to Condition 7(c), a Viability Event (any such event, a "Write-down Event") occurs at any time while the Notes are outstanding and prior to a Statutory Loss Absorption Date (if any), a Write-down shall, subject to and as provided in this Condition 7, occur on the relevant Write-down Date.
Contingency Event
As used in these Conditions, a "Contingency Event" means the giving of a Contingency Event Notice in accordance with this Condition 7(a)(ii).
CSG, or, following any substitution under Condition 13(c), the Substitute Issuer or CSG shall give a notice (the "Contingency Event Notice") to the Holders in accordance with Condition 17 in the event that, as at any Reporting Date, the CET1 Ratio contained in the relevant Financial Report is below the Threshold Ratio; provided, however, that no Contingency Event Notice shall be given, and no Contingency Event in relation thereto shall be deemed to have occurred, if the Regulator, at the request of CSG, has agreed on or prior to the publication of the relevant Financial Report that a Write-down shall not occur because it is satisfied that actions, circumstances or events have had, or imminently will have, the effect of restoring the CET1 Ratio to a level above the Threshold Ratio that the Regulator and CSG deem, in their absolute discretion, to be adequate at such time.
CET1 Write-down Trigger: 7.00%, based on Credit Suisse Group AG consolidated CET1 ratio.
Viability Event
As used in these Conditions, a "Viability Event" means that either:
(A) the Regulator has notified CSG that it has determined that a write-down of the Notes, together with the conversion or write-down/off of holders' claims in respect of any and all other Going Concern Capital Instruments, Tier 1 Instruments and Tier 2 Instruments that, pursuant to their terms or by operation of law, are capable of being converted into equity or written down/off at that time, is, because customary measures to improve CSG's capital adequacy are at the time inadequate or unfeasible, an essential requirement to prevent CSG from becoming insolvent, bankrupt or unable to pay a material part of its debts as they fall due, or from ceasing to carry on its business; or
(B) customary measures to improve CSG's capital adequacy being at the time inadequate or unfeasible, CSG has received an irrevocable commitment of extraordinary support from the Public Sector (beyond customary transactions and arrangements in the ordinary course) that has, or imminently will have, the effect of improving CSG's capital adequacy and without which, in the determination of the Regulator, CSG would have become insolvent, bankrupt, unable to pay a material part of its debts as they fall due or unable to carry on its business.
Alternative Loss Absorption
In the event of the implementation of any new, or amendment to or change in the interpretation of any existing, laws or components of National Regulations, in each case occurring after the Issue Date, that alone or together with any other law(s) or regulation(s) has, in the joint determination of CSG and the Regulator, or, following any substitution under Condition 13(c), CSG, the Substitute Issuer and the Regulator, the effect that Condition 7(a)(iii) could cease to apply to the Notes without giving rise to a Capital Event, then the Issuer shall give notice in accordance with Condition 17 to the Holders no later than five Business Days after such joint determination stating that such provisions shall cease to apply from the date of such notice (the "Statutory Loss Absorption Date"), and from the date of such notice, such provisions shall cease to apply to the Notes.
Deferral Interest Payment
Payments of interest on the Notes are not cumulative. Notwithstanding any other provision in these Conditions but without prejudice to Condition 6(i)(v), the cancellation or non-payment of any interest amount by virtue of this Condition 6(i) shall not constitute a default for any purpose (including, without limitation, Condition 12(a)) on the part of the Issuer. Any interest payment not paid by virtue of this Condition 6(i) shall not accumulate or be payable at any time thereafter, and Holders shall have no right thereto. The Issuer may, at its discretion, elect to cancel all or part of any payment of interest that is otherwise scheduled to be paid on an Interest Payment Date by giving notice of such election to the Holders in accordance with Condition 17, and to the Principal Paying Agent, not more than 30 nor less than 10 Business Days prior to the relevant Interest Payment Date. This Condition 6(i)(i) is without prejudice to the provisions of Condition 6(i)(ii) and Condition 6(i)(v).
The Issuer shall be prohibited from making, in whole or in part, any payment of interest on the Notes on the relevant Interest Payment Date if and to the extent that on such Interest Payment Date:
(A) CSG has an amount of Distributable Profits that is less than the sum of (1) the aggregate amount of such interest payment and (2) all other payments (other than redemption payments) made by CSG since the date of the Relevant Accounts (x) on the Notes and (y) on or in respect of any Tier 1 Instruments or Tier 1 Shares, in each case, excluding any portion of such other payments already accounted for in determining the Distributable Profits and, in each case as necessary, translated into CSG's reporting currency at the relevant Prevailing Rate on or around such Interest Payment Date;
(B) the Regulatory Condition is not satisfied or would not be satisfied if such interest payment were made; and/or
(C) the Regulator has required the Issuer not to make such interest payment.
The Issuer shall deliver a certificate signed by the Authorised Signatories to the Principal Paying Agent and shall give notice, in accordance with Condition 17, to the Holders in each case as soon as practicable following any determination that interest is required to be cancelled pursuant to this Condition 6(i)(ii) or, where no such prior determination is made, promptly following any Interest Payment Date on which interest was scheduled to be paid if such interest is being cancelled in accordance with this Condition 6(i)(ii), to such effect setting out brief details as to the amount of interest being cancelled and the reason therefor.
Issuer Call
First Optional Redemption Date (Issuer Call): June 6, 2024
Additional Note
The Issuer shall be prohibited from making, in whole or in part, any payment of interest on the Notes on the relevant Interest Payment Date if and to the extent that on such Interest Payment Date:
(A) CSG has an amount of Distributable Profits that is less than the sum of (1) the aggregate amount of such interest payment and (2) all other payments (other than redemption payments) made by CSG since the date of the Relevant Accounts (x) on the Notes and (y) on or in respect of any Tier 1 Instruments or Tier 1 Shares, in each case, excluding any portion of such other payments already accounted for in determining the Distributable Profits and, in each case as necessary, translated into CSG’s reporting currency at the relevant Prevailing Rate on or around such Interest Payment Date;
(B) the Regulatory Condition is not satisfied or would not be satisfied if such interest payment were made; and/or
(C) the Regulator has required the Issuer not to make such interest payment.
“Regulatory Condition” means, in respect of any Interest Payment Date, that CSG is, and will be immediately after the relevant payment of interest, in compliance with all applicable minimum regulatory capital adequacy requirements of the National Regulations;
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