Credit Suisse eyes step-up contingent coupon callable notes on indexes

By Wendy Van Sickle

Columbus, Ohio, Jan. 9 – Credit Suisse AG, London Branch plans to price step-up contingent coupon callable yield notes due Jan. 29, 2027 linked to the lowest performing of the Euro Stoxx 50 index and 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 of 9% initially if each index closes above its 70% coupon barrier level on the observation date for that month. The coupon will step up to 12% for the second period beginning Jan. 31, 2022 and to 15% for the third period beginning Jan. 31, 2025.

The notes are callable in whole but not in part at par on any redemption date.

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 the losses of the worse performing index.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Jan. 26 and settle on Jan. 31.

The Cusip number is 22548QS71.

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