Credit Suisse sells $190 million of CCO notes

Credit Suisse has completed its inaugural global issuance of US$190 million AAA-rated collateralised commodity obligations (CCO) notes. The notes are denominated in US dollar, Euro and Australian dollar, across three and five-year tranches.

This is Credit Suisse's first CCO deal and the first long/short CCO transaction done in the market globally. The notes offer stated coupon payments that are protected.

The principal repayments are based on the performance of long and short positions on a portfolio of commodities. Credit Suisse priced the 5-year and 3-year tranches at a spread of 195 bps and 180 bps over benchmark, respectively. All tranches have been rated AAA by Fitch Ratings for interest and principal repayments.

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