Credit Suisse plans contingent coupon autocallables on three stocks

By Devika Patel

Knoxville, Tenn., Dec. 24 – Credit Suisse AG, London Branch, plans to price contingent coupon autocallable yield notes due July 29, 2022 linked to the worst performing of the common stocks of Amazon.com, Inc., Walt Disney Co. and Netflix, Inc., 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 13.5% if each stock closes at or above its coupon barrier level, expected to be about 70% of the initial level, on the observation date for that month. The exact coupon rate and barrier level will be set at pricing.

The notes will be called at par plus the coupon if each stock closes at or above its initial level on any monthly trigger observation date from April 27, 2020 through June 27, 2022.

The payout at maturity will be par unless any stock finishes below its knock-in level, expected to be about 70% of the initial level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level. The exact knock-in level will be set at pricing.

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22551NF68) will price on Jan. 28 and settle on Jan. 31.

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