Credit Suisse has chosen to issue six-month, Euribor-linked CS 3%+ Zins Garant Anleihe 4 via its Irish special purpose vehicle Custom Markets Securities so it can incorporate older bonds, issued by itself, into the structure. The bonds, which pay higher coupons than those it can currently issue, secure the capital guarantee and 3% minimum semi-annual coupons.
Custom Markets Securities was set up some years ago and is usually used by the Swiss investment bank for issuing structured products which eliminate issuer risk by using bonds that are not issued by Credit Suisse and not held on its books. Custom Markets Securities' base in Ireland also allows the bank to passport products in different European countries.
This product is available on the German database.