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Credit Suisse plans callable daily range accrual notes tied to S&P 500
By Marisa Wong
Madison, Wis., Sept. 3 – Credit Suisse AG plans to price callable daily range accrual notes due March 30, 2022 linked to the S&P 500 index, according to a 424B2 filed Friday with the Securities and Exchange Commission.
Interest will accrue at 5.6% per year multiplied by the proportion of days on which the closing index level is greater than the accrual barrier, which is expected to be 80% of the initial level. Interest, if any, will be payable monthly.
The payout at maturity will be par if the final index level is at least 80% of the initial level. Investors will be exposed to any losses beyond the 20% buffer.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 22547QT71.
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