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Credit Suisse plans step-up contingent coupon callable notes on S&P
By Susanna Moon
Chicago, Jan. 9 – Credit Suisse AG, London Branch plans to price step-up contingent coupon callable yield notes due Jan. 29, 2027 linked to the S&P 500 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 7% initially if the index closes above its 70% coupon barrier level on the observation date for that month. The coupon will step up to 10% for the second period beginning Jan. 31, 2022.
The notes are callable in whole but not in part at par on any redemption date.
The payout at maturity will be par unless the index finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Jan. 26 and settle on Jan. 31.
The Cusip number is 22548QS55.
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