![]() “I’ve wanted to do it for 10 years, and the whole time I’ve been sort of secretly, arrogantly afraid that somebody would beat me to it,” she said. It was complicated.”Īnd just having the idea for it made Carlile herself nervous. We were trying to convince promoters that we could be loud enough and that people wouldn’t walk out or want their money back. “We were playing in rooms that don’t normally have concerts, sometimes. “It was difficult to convince anyone - promoters, agents, the record label - that touring like that would work. “It was just a really hard sell on the administrative side of the industry,” she said from back home in Washington state after the tour was over. ![]() “It means more than I can say to have every seat full tonight and to (have you) check out our band.”Ĭarlile, 33, a highly regarded folk rocker out of Seattle, was on one of the final stops of what she named the “Pin Drop Tour.” From Portsmouth, N.H., to Chicago, it sold out every step of the way despite the fact that the very concept made almost everyone around her nervous. “We love to be a rock ‘n’ roll band … but we have a really deep passion for unamplified music and the rooms that can support it,” Carlile said at the start of the show, her second of two nights at the North Side theater. Just 90 minutes of the unadorned warmth of stringed instruments and the human voice projecting into a room. ![]() We already deemed the $1.725 billion tier 1 BCNs converted from hybrid instruments to have “intermediate” equity content, and we originally assigned the $2 billion nondeferrable tier 2 issues “intermediate” equity content in November 2011.There were no microphones on this Tuesday evening in October, no plugs for the instruments. Our “intermediate” classification of the BCNs does not affect Credit Suisse’s total adjusted capital. In our view, these issues and other announced capital measures by Credit Suisse reduce the downside risk for our assessment of Credit Suisse’s capital and earnings, but they do not directly affect our ratings on Credit Suisse. Our assessment of the MACCs as having “high” equity content is the result of their mandatory conversion to equity on March 29, 2013, although we note that the issues also contain contingent capital features until maturity. ![]() In our view, each of these instruments will provide going-concern equity capital by converting at a 7% common equity tier 1 capital ratio, despite the differences in the maturity and ability to defer interest of the tier 1 and tier 2 BCNs. We believe that “high trigger” contingent capital instruments are an influential component of Switzerland’s “too big to fail” capital regime. Standard & Poor’s does not rate these issues. Sept 20 - Standard & Poor’s Ratings Services said today that it had designated “intermediate” equity content to the $1.725 billion tier 1 and $2 billion nondeferrable tier 2 Buffer Capital Notes (BCNs) issued by Credit Suisse AG (A+/Negative/A-1) and “high” equity content to the mandatory and contingent convertible securities (MACCs) of Swiss franc 3.8 billion issued July 31, 2012, converting to equity on March 29, 2013.
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