Credit Suisse plans contingent coupon autocallable notes on indexes

By Devika Patel

Knoxville, Tenn., Dec. 31 – Credit Suisse AG, London branch plans to price contingent coupon autocallable yield notes due Jan. 7, 2020 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 monthly coupon at an expected annual rate of 10% if each index closes at or above its coupon barrier level, 70% of the initial level, on the observation date for that month. The exact coupon will be set at pricing.

The notes will be automatically called at par plus the contingent coupon if the closing level of both of the indexes is greater than their respective initial levels on July 2, 2019 or Oct. 2, 2019.

The payout at maturity will be par unless either index closes below its 70% knock-in level during the life of the notes, in which case investors will lose 1% for each 1% decline of the worst performing index or receive par if the worst performer gains or remains flat.

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22551LSU5) are expected to price Jan. 2 and settle Jan. 7.

© 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.