Credit Suisse plans contingent coupon notes tied to S&P, Russell, Dow

By Angela McDaniels

Tacoma, Wash., Aug. 8 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due May 31, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be at least 6% per year and will be set at pricing.

Beginning Feb. 25, 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.

The payout at maturity will be par unless any index finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing index from its initial level.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price Aug. 27.

The Cusip number is 22552FRB0.

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