In August and September 2013 Credit Suisse issued a total of approx. CHF 4 bn of write-down bonds that qualify towards the Progressive Component under the Swiss Too big to fail-Legislation, all governed by Swiss law and all listed on the SIX Swiss Exchange. Credit Suisse’s inaugural issue consisted of USD 2.5 bn Tier 2 write-down bonds in two tranches, a Reg S tranche and a Rule 144A tranche. The Rule 144A tranche was the first of its kind governed by Swiss law. This deal was followed by a CHF 290 mn Tier 1 write-down bond issuance. The series was completed with a EUR 1.25 bn Tier 2 write-down bond issuance.

Reference: CapLaw-2013-30