Credit Suisse eyes contingent coupon autocallable reverse converts on ETFs

By Sarah Lizee

Olympia, Wash., June 15 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due June 22, 2021 linked to the lesser performing of the SPDR S&P Homebuilders ETF and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly at an annual rate of 19% if the funds close at or above their 75% knock-in level on a quarterly observation date.

The notes will be called at par if the both ETFs close at or above the initial share price on any quarterly trigger observation date.

The payout at maturity will be par unless either ETF finishes below the knock-in level, in which case investors will receive a number of shares of the lesser performing ETF 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 June 17.

The Cusip number is 22550MFX2.

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