Credit Suisse plans contingent coupon autocallable reverse converts on UnitedHealth

By Sarah Lizee

Olympia, Wash., April 24 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due Aug. 10, 2020 linked to the common stock of UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly at an annual rate of 7% if the stock closes at or above its 65% knock-in level on a monthly observation date.

The notes will be called at par if the shares close at or above the initial share price on Nov. 5, Feb. 5, 2020 or May 5, 2020.

The payout at maturity will be par unless the shares finish below the initial level and close below the knock-in level any day during the life of the notes, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on May 3.

The Cusip number is 22549JM31.

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