Credit Suisse plans step-up contingent coupon callable notes on indexes

By Marisa Wong

Madison, Wis., Sept. 3 – Credit Suisse AG plans to price step-up contingent coupon callable yield notes due Sept. 30, 2024 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon if each index closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter. The annualized rate will be 9% initially, stepping up to 10% on Sept. 30, 2019 and to 12% on Sept. 30, 2022.

The notes are callable on any quarterly call date beginning on Dec. 30.

The payout at maturity will be par unless any index finishes below the knock-in level, 50% of its initial level, in which case investors will be fully exposed to any losses of the worse performing index.

Incapital LLC is the placement agent.

The notes will price on Sept. 25 and settle on Sept. 30.

The Cusip number is 22547QT89.

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