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Credit Suisse plans callable daily range accrual notes tied to Russell
By Wendy Van Sickle
Columbus, Ohio, June 8 – Credit Suisse plans to price callable daily range accrual securities due Dec. 29, 2023 linked to the performance of the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will accrue at 7.4% for each day that the index closes at or above the accrual barrier, expected to be about 80% of the initial index level. Interest will be payable monthly.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will lose 1% for every 1% drop beyond 20%.
Beginning Dec. 30 2016, the notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on June 27.
The Cusip number is 22548QAM7.
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