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Credit Suisse plans contingent coupon autocallables on three stocks
By Devika Patel
Knoxville, Tenn., Sept. 20 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Sept. 29, 2017 linked to the worst performing of the class P common stock of Kinder Morgan, Inc., Valero Energy Corp. common stock and Hess Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an expected annual rate of 17.5% if each stock closes at or above its coupon barrier level, expected to be 70% of the initial level, on the observation date for that month. The exact coupon rate and barrier level will be set at pricing.
The notes will be called at par if each stock closes at or above its initial level on any observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will receive a number of shares equal to the initial share price of the worst performing stock divided by $1,000, or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
The notes (Cusip: 22549JCB4) will price on Sept. 27 and settle on Sept. 30.
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