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Credit Suisse eyes autocallable step-up notes on Energy Select Sector
By Devika Patel
Knoxville, Tenn., Sept. 22 – Credit Suisse AG, London Branch plans to price autocallable market-linked step-up notes due September 2018 linked to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a call premium of 13% to 14% if the index closes at or above the initial level on the October 2017 observation date. The exact call premium will be set at pricing.
If the notes are not called and the index finishes above the step-up value, 126% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 26%.
Otherwise, investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
The notes are expected to price in September and settle in October.
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