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Credit Suisse plans callable range accrual notes on Libor, S&P 500
By Susanna Moon
Chicago, May 15 – Credit Suisse AG plans to price six-month Libor and S&P 500 index range accrual notes due May 29, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at an annualized rate for each day that six-month Libor is less than 5% and the index closes above the 75% barrier level. The rate will be 5% for the first five years, stepping up to 6.5% on May 29, 2020 and to 9% on May 29, 2025. Interest will be payable quarterly.
The payout at maturity will be par plus accrued interest.
The notes are callable in whole at par on any interest payment date beginning May 29, 2016.
Morgan Stanley & Co. LLC is the distributor.
The notes will price on May 26 and settle on May 29.
The Cusip number is 22546VDK9.
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