Credit Suisse plans autocallable securities on S&P 500, oil & gas ETF

By Wendy Van Sickle

Columbus, Ohio, Oct. 21 – Credit Suisse AG, London branch plans to price autocallable securities due Oct. 30, 2020 linked to the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus an annualized redemption premium expected to be 18.75% if the price of each underlying asset is at or above its initial level on any annual review date.

If the notes are not called, the payout at maturity will be par plus 10% unless either underlying asset closes below 60% of its initial price, in which case investors will be fully exposed to the decline of the least-performing asset.

Credit Suisse is the agent.

The notes (Cusip: 22548QLJ2) are expected to price Oct. 24 and settle Oct. 31.

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