Credit Suisse plans 8% STEP Income Securities tied to Morgan Stanley

By Susanna Moon

Chicago, Aug. 28 – Credit Suisse AG, London Branch plans to price 8% STEP Income Securities due September 2018 linked to Morgan Stanley common shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the stock finishes at or above the step level – 108% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.

If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

The notes will price and settle in August.

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