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Credit Suisse plans contingent income range accrual notes on Russell
By Susanna Moon
Chicago, Aug. 4 – Credit Suisse AG plans to price callable contingent income range accrual step-up securities due Aug. 31, 2030 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate for each day that the index closes at or above the reference level, 75% of the initial index level. The contingent coupon will be 7.5% for the first five years, stepping up to 9% on Aug. 31, 2020 and to 11% on Aug. 31, 2025.
The notes are callable at par on any quarterly redemption date beginning Aug. 31, 2016.
The payout at maturity will be par plus the contingent coupon unless the index finishes below the 50% barrier level, in which case investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC will act as distributor.
The notes will price on Aug. 26 and settle on Aug. 31.
The Cusip number is 22546VCY0.
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