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Credit Suisse plans step-up contingent coupon notes linked to Euro Stoxx 50, Russell 2000
By Susanna Moon
Chicago, Dec. 31 – Credit Suisse AG plans to price step-up contingent coupon callable yield notes due Jan. 30, 2025 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. The contingent coupon rate is 9% per year initially, then steps up to 10% per year on April 30, 2019 and to 12% per year on April 28, 2023.
The payout at maturity will be par unless either index finishes below its knock-in level, 50% of its initial level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are callable at par on any interest payment date.
Incapital LLC is the placement agent.
The notes will price on Jan. 27 and settle on Jan. 30.
The Cusip number is 22547QZA7.
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