Operational risk cat bond pared back to CHF200mn

Credit Suisse has reduced the target size of its operational
risk insurance securitisation to CHF200mn ($203.71mn),
substantially lower than the CHF630mn originally sought, sister
publication Trading Risk reported today
(18 May).
A CHF110mn junior layer will offer investors a 5.5 percent
coupon, while the senior tranche is expected to provide CHF90mn of
cover for a 4.5 percent coupon, sources said.
This has risen 50 basis points from an initial target of 4
percent.
The deal was initially pitched