Credit Suisse plans step-up contingent coupon callables on indexes

By Susanna Moon

Chicago, April 12 – Credit Suisse AG, London Branch plans to price step-up contingent coupon callable yield notes due April 28, 2027 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 if each index closes at or above its 60% coupon barrier on the observation date for that quarter. The coupon will be 7% for the first five years, stepping up to 8% on April 28, 2022 and to 10% on April 28, 2025.

The notes are callable at par plus the contingent coupon on any interest payment date beginning Nov. 3, 2017.

The payout at maturity will be par unless either index finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the worse performing index.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on April 24 and settle on April 27.

The Cusip number is 22548QZ81.

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