Credit Suisse plans contingent coupon callable yield notes on two ETFs

By Wendy Van Sickle

Columbus, Ohio, May 17 – Credit Suisse AG, London Branch, plans to price contingent coupon callable yield notes due Nov. 29, 2019 linked to the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annualized rate of 7% if each fund closes above its coupon barrier level, expected to be 60% of its initial level, on the observation date for that period. The exact coupon will be set at pricing.

At Credit Suisse’s option, the notes are callable at par on any coupon payment date starting Aug. 29, 2018 and before maturity.

The payout at maturity will be par unless either index finishes below its knock-in level, expected to be 60% of its initial level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.

Credit Suisse Securities (USA) LLC is the agent.

The notes are expected to price on May 23 and settle on May 29.

The Cusip number is 22550WUB1.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.