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Credit Suisse plans callable daily range accrual notes tied to Russell
By Angela McDaniels
Tacoma, Wash., Oct. 7 – Credit Suisse AG, London Branch plans to price callable daily range accrual securities due April 30, 2024 linked to the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The interest rate is expected to be 7.1% per year multiplied by the proportion of days on which the index closes at or above the accrual barrier, which is expected to be 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% that the index declines beyond 20%.
Beginning Oct. 31, 2017, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price Oct. 26.
The Cusip number is 22548QKQ7.
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