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Swiss CoCo shortage

18 February 2011 By Margaret Doyle

Investors put in $22 bln of orders for the Swiss bank’s $2 bln contingent convertible issue. That surely helped CS set the coupon at a lowlooking 7.8 pct, against over 9 pct for a bigger but admittedly riskier slab sold days before. CoCo price discovery is clearly advancing.

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