Credit Suisse plans autocallable contingent income notes tied to S&P

By Devika Patel

Knoxville, Tenn., Dec. 7 – Credit Suisse AG, London Branch plans to price autocallable contingent income securities due Dec. 19, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 7% if the index closes at or above the coupon barrier level, 80% of the initial level, on the determination date for that quarter.

The notes will be automatically called at par plus the contingent coupon if the index closes at or above the initial share price on any quarterly determination date after Dec. 16, 2019.

If the final level is greater than or equal to the 65% downside threshold level, the payout at maturity will be par plus the final contingent interest payment, if any. Otherwise, investors will lose 1% for each 1% decline of the index from its initial level.

Credit Suisse Securities (USA) LLC is the agent, with Morgan Stanley Wealth Management handling distribution.

The notes (Cusip: 22551LMW7) will price on Dec. 14 and settle on Dec. 19.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.