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Credit Suisse plans high/low coupon callable notes tied to three ETFs
New York, March 15 – Credit Suisse AG, London Branch plans to price high/low coupon callable yield notes due March 22, 2019 linked to the Energy Select Sector SPDR fund, the Utilities Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly at 10.55% per year if each underlier closes at or above its knock-in level, 60% of its initial level, on the observation date for that quarter. Otherwise, the interest rate for that quarter will be 1% per year.
The notes will be callable at Credit Suisse’s option on any coupon payment date starting on Sept. 22, 2017.
The payout at maturity will be par unless any underlier finishes below its 60% knock-in level, in which case investors will lose 1% for every 1% that the least performing underlier declines from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on March 17 and settle on March 22.
The Cusip number is 22548QXQ3.
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