On 30 June 2016, a Dutch Special Purpose Vehicle (SPV) (the Issuer) issued CHF 102.5 m Portfolio Credit-Linked Notes due 2024 (the Notes) with Credit Suisse AG, Zurich (Credit Suisse) as arranger and Credit Suisse Securities (Europe) Limited as dealer.

In connection with the issuance of the Notes, the Issuer has entered into a credit default swap with Credit Suisse in relation to a reference portfolio of Swiss corporate loans held by Credit Suisse. This transaction is the latest issuance under a programme for the issuance of portfolio credit linked notes in the aggregate amount of approx. CHF 700 m.

Homburger acted as Swiss legal and tax counsel to Credit Suisse. The Homburger team consisted of partners Daniel Haeberli, Stefan Kramer (both Financial Services) and Dieter Grünblatt (Tax) as well as associates David Borer (Financial Services), Ralf Imstepf (Tax) and Vanessa Isler (Financial Services) and junior associate Livio Bucher (Tax).