Credit Suisse plans autocallables linked to S&P 500, oil & gas ETF

By Angela McDaniels

Tacoma, Wash., Dec. 16 – Credit Suisse AG, London Branch plans to price 0% autocallable securities due Dec. 29, 2023 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a call premium if each underlier closes at or above its initial level on Dec. 22, 2020, Dec. 22, 2021 or Dec. 22, 2022. The call premium is expected to be at least 13.75% per year and will be set at pricing.

If the notes are not called, the payout at maturity will be par plus 55% unless either underlier finishes below its knock-in level, 60% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines from its initial level.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price Dec. 20.

The Cusip number is 22551NC87.

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