Look behind the staggering demand for the first public contingent convertible deal and there are still questions about the market’s capacity to absorb the volume of debt that is expected, and whether we now have an established pricing point for future issuance.

Credit Suisse yesterday opened the market with the first public contingent convertible issue of its kind, a bond that converts into equity when the bank's core tier 1 capital ratio drops to a certain point. That market has long been trailed as one for the future, and this first deal could not objectively have gone better.