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Credit Suisse plans step-up contingent coupon callable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 12 – Credit Suisse AG plans to price step-up contingent coupon callable yield notes due Oct. 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 if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter. The contingent coupon rate is 8% per year initially, then steps up to 9% per year on Oct. 29, 2021 and to 10% per year on Oct. 31, 2024.
The payout at maturity will be par unless either index finishes below its knock-in level, 50% of its initial level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are 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 22548QKH7.
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