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Credit Suisse plans contingent coupon autocallables on S&P, Russell
By Angela McDaniels
Tacoma, Wash., Nov. 15 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due May 28, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be at least 6.25% per year and will be set at pricing.
Beginning May 26, 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser-performing index, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price Nov. 25.
The Cusip number is 22551N6R2.
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