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Credit Suisse plans index-linked contingent coupon callable yield notes
By Jennifer Chiou
New York, April 24 - Credit Suisse AG plans to price contingent coupon callable yield notes due Feb. 21, 2020 linked to the S&P 500 index and the Russell 2000 index, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of between 6.25% and 6.75% if each index closes at or above its barrier level, 65% of the initial level, on the observation date for that period. The exact coupon will be set at pricing.
The notes will be callable at par plus the contingent coupon on any quarterly interest payment beginning on Nov. 21.
The payout at maturity will be par unless either index finishes at or below its 65% knock-in level, in which case investors will be fully exposed to the decline of the worst-performing index.
The notes (Cusip: 22547QML7) are expected to price on May 16 and settle on May 21.
Credit Suisse Securities (USA) LLC is the agent.
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