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Report: Credit Suisse ILS bond deal expected to conclude May 6

The Bermuda Monetary Authority licensed 's OperationalRe Ltd., a special purpose vehicle via which Credit Suisse plans to a five-year CHF630 millioninsurance-linked security, The RoyalGazette reported April 29.

The bond deal, for which orders are being taken, is expectedto conclude May 6, according to a Bloomberg News report from April 28, citing"three people with knowledge of the matter."

The Swiss lender received approval from Swiss FINMA for thebond deal, the Bloomberg report added, citing two sources. The dual-tranchesecuritized bond would cover potential losses between CHF3.5 billion and CHF4.2billion from events like rogue trading and cybercrime.