Credit Suisse plans contingent coupon autocallables on S&P, Russell

By Devika Patel

Knoxville, Tenn., Jan. 28 – Credit Suisse AG, London branch, plans to price contingent coupon autocallable yield notes due Feb. 6, 2023 linked to the S&P 500 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 at an annual rate of 6.5% if each index closes above its coupon barrier level, 55% of its initial level, on the observation date for that quarter.

The payout at maturity will be par unless either index finishes below its 50% knock-in level, in which case investors will receive $500 for every $1,000 of notes.

Beginning on Feb. 5, 2017, the notes will be callable at par on any interest payment date if the closing levels of both indexes are greater than their respective initial levels. There will be no coupon paid if the notes are called.

Credit Suisse is the agent.

The notes (Cusip: 22546VVX1) are expected to price on Feb. 2 and settle on Feb. 5.

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