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Credit Suisse plans trigger phoenix autocallables on Gilead Sciences
By Toni Weeks
San Luis Obispo, Calif., Jan. 12 – Credit Suisse AG, London Branch plans to price trigger phoenix autocallable optimization securities due Jan. 23, 2020 linked to Gilead Sciences, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Gilead Sciences stock closes at or above the coupon barrier level – 65% to 70% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 9% for that month.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and Gilead Sciences shares finish at or above the 65% to 70% trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
The exact terms will be set at pricing.
The notes (Cusip: 22547T605) are expected to price Jan. 16 and settle Jan. 22.
UBS Financial Services Inc. is the dealer.
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