On January 3, 2017, Credit Suisse Group AG (Credit Suisse) established a new U.S. Senior Debt Program (the Program), which is registered as an issuance program with the SIX Swiss Exchange. Under this new issuance program, Credit Suisse may directly issue bail-inable (TLAC) notes governed by Swiss law eligible to count towards its Swiss gone concern requirement and exempted from the Swiss withholding tax regime. While satisfying the requirements of Swiss law and the SIX Swiss Exchange, the issuance program has been documented so as to mirror conventional offering documentation used in the U.S. debt capital markets and to permit offerings of the bail-inable notes in the U.S. to Qualified Institutional Buyers in reliance on Rule 144A under the U.S. Securities Act, as well as outside of the U.S. in reliance on Regulation S under the U.S. Securities Act. The bail-inable notes are primarily cleared through DTC and also cleared through SIX SIS and Euroclear|Clearstream.

On January 4, 2017, Credit Suisse launched, and on January 9, 2017 successfully completed, the inaugural issuance of USD 1.75 bn 3.574% senior notes due 2023 and USD 2.25 bn 4.282% senior notes due 2028 (collectively, the Notes) under the Program. The offering of the Notes was done in reliance on Rule 144A and Regulation S under the U.S. Securities Act.

Homburger advised Credit Suisse with respect to all aspects of Swiss law. The Homburger team was led by partner René Bösch (Financial Services) and included partner Dieter Grünblatt (Tax), counsel Lee Saladino, and associates Benjamin Leisinger and Andreas Josuran (all Financial Services).