Credit Suisse plans step-up contingent coupon callables on indexes

By Susanna Moon

Chicago, June 29 – Credit Suisse AG, London branch plans to price step-up contingent coupon callable yield notes due July 27, 2023 linked to the worse performing of the Russell 2000 index and the S&P 500 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 underlying index closes at or above its 60% coupon barrier on each trading day for that quarter. The contingent rate will be 5% for the first three years, stepping up to 8% on July 27, 2021.

The notes are callable at par on any determination date after six months.

The payout at maturity will be par unless either underlying index closes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worse performing index.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on July 25.

The Cusip number is 22550WZA8.

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