Credit Suisse AT1 instruments impact ‒ update

29.03.2023

Note: This Announcement, originally published on 22 March 2023 and updated on 23 March 2023, has been further updated to  inform about the current status of positions and executed settlement instructions.

Clearstream Banking1 advises about the situation on certain Credit Suisse AT1 instruments.

On 23 March 2023, the Swiss Financial Market Supervisory Authority FINMA announced that it has instructed Credit Suisse to completely write down its AT1 instruments and to inform the bondholders concerned without delay. 

Clearstream Banking is seeking clarification about the reversal of settlement instructions executed after 19 March 2023 for the markets mentioned below.

Clearstream Banking will provide an update in due course.

Swiss market instruments

For the following securities, settlement has been suspended with immediate effect:

Common code

ISIN code

Security name

158411610

CH0360172719

CHF 3,875 CREDIT SUISSE GRP (REGS) 17-XXXX

187312086

CH0428194226

CHF 3,50 CREDIT SUISSE AG 18-XXXX

200737113

CH0482172324

SGD FL.R CREDIT SUISSE GRP (REGS) 19-2024

205040340

CH0494734384

CHF 3,00 CREDIT SUISSE GRP (REGS) 19-XXXX

U.S. market instruments

Following the decision of Clearstream’s U.S. depository, settlement for the following instruments has been suspended with immediate effect:

Common code

ISIN code

Security name

185708993

US225401AJ72

USD 7,50 CREDIT SUISSE GRP (144A) 18-XXXX

187922941

US225401AK46

USD 7,25 CREDIT SUISSE GRP (144A) 18-XXXX

204490350

US225401AL29

USD 6,375 CREDIT SUISSE GRP (144A) 19-XXXX

210897267

US225401AN84

USD 5,10 CREDIT SUISSE AG (144A) 20-XXXX

221552865

US225401AR98

USD 5,25 CREDIT SUISSE GRP (144A) 20-XXXX

227136383

US225401AS71

USD 4,50 CREDIT SUISSE GRP (144A) 20-XXXX

249644692

US225401AX66

USD 9,75 CREDIT SUISSE GRP (144A) 22-XXXX

107872035

US225436AA21

USD 6,25 CREDIT SUISSE GRP (144A) 14-XXXX

100338467

US22546DAB29

USD 7,50 CREDIT SUISSE GRP (144A) 13-2023

185708977

USH3698DBW32

USD 7,50 CREDIT SUISSE GRP (REGS) 18-XXXX

187922976

USH3698DBZ62

USD 7,25 CREDIT SUISSE GRP (REGS) 18-2200

204425523

USH3698DCP71

USD 6,375 CREDIT SUISSE GRP (REGS) 19-XXXX

210770283

USH3698DCV40

USD 5,10 CREDIT SUISSE GRP (REGS) 20-XXXX

221517938

USH3698DDA93

USD 5,25 CREDIT SUISSE GRP (REGS) 20-XXXX

227110414

USH3698DDD33

USD 4,50 CREDIT SUISSE GRP (REGS) 20-XXXX

249569011

USH3698DDQ46

USD 9,75 CREDIT SUISSE GRP (REGS) 22-XXXX

International market instruments

The following securities have been marked down as advised to the impacted clients via MT564 based on information received from the common depository:

Common code

ISIN code

Security name

098939458

XS0989394589

USD 7,50 CREDIT SUISSE GRP (REGS/1) 13-XXXX

107695770

XS1076957700

USD 6,25 CREDIT SUISSE GRP (REGS/1) 14-XXXX

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.