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Credit Suisse plans trigger phoenix autocallable notes tied to indexes
By Marisa Wong
Madison, Wis., Oct. 6 – Credit Suisse AG plans to price trigger phoenix autocallable optimization securities due Oct. 17, 2024 linked to the worst performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at a rate of 7.75% to 8.25% per year. Otherwise, no coupon will be paid that quarter. The exact rate will be set at pricing.
Beginning after one year, the notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its 50% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be exposed to the decline of the worst-performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent, and UBS Financial Services Inc. is the distributor.
The notes will price on Oct. 10 and settle on Oct. 16.
The Cusip number is 22547T225.
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