Credit Suisse plans contingent income autocallables on Phillips, Ford

By Devika Patel

Knoxville, Tenn., Feb. 17 – Credit Suisse AG, London Branch plans to price contingent income autocallable securities due Feb. 26, 2018 linked to the common stocks of Phillips 66 and Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent quarterly payment if each stock closes at or above its barrier level, 80% of its initial price, on the determination date for that quarter. The contingent coupon rate is expected to be at least 15.1% annually and will be set at pricing.

Credit Suisse may call the notes at par of $1,000 plus the contingent coupon on May 19, 2017, Aug. 21, 2017 or Nov. 20, 2017 if the closing prie of each stock is greater than or equal to its initial price.

If each stock finishes at or above its knock-in level, 80% of its initial price, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock.

Credit Suisse Securities (USA) LLC is the agent, with Morgan Stanley Wealth Management handling distribution.

The notes (Cusip: 22549JEV8) will price on Feb. 21 and settle on Feb. 24.

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