Credit Suisse plans contingent coupon autocallable yield notes on ETFs

By Sarah Lizee

Olympia, Wash., March 20 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due March 31, 2025 linked to the lesser performing of the Energy Select Sector SPDR fund, Financial Select Sector SPDR fund and Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly contingent coupon at an annual rate of 15% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.

The notes will be automatically redeemed if both funds close above their initial prices on a quarterly trigger observation date after six months.

The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.

Incapital LLC is the agent.

The notes will price on March 26.

The Cusip number is 22551NTR7.

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