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Credit Suisse plans contingent coupon callable yield notes on indexes
By Susanna Moon
Chicago, Sept. 23 – Credit Suisse AG, London branch plans to price step-up contingent coupon callable yield notes due Sept. 30, 2026 linked to the S&P 500 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 at an annual rate of 9.15% if each index closes above its 60% coupon barrier level on the observation date for that quarter. The contingent coupon will be 7% for the first five years, stepping up to 10% for the second step-up period on Sept. 30, 2021 and to 12% for the third step-up period beginning Sept. 30, 2024.
The notes are callable in whole but not in part at par on any coupon payment date beginning Dec. 28.
The payout at maturity will be par unless either index finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the worse performing index.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Sept. 27 and settle on Sept. 30.
The Cusip number is 22548QGN9.
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