Credit Suisse plans contingent coupon autocallable yield notes on ETFs

By Sarah Lizee

Olympia, Wash., Oct. 8 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Oct. 30, 2020 linked to the lesser performing of the SPDR S&P Biotech ETF and the SPDR S&P Oil &Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent quarterly coupon at an annualized rate of 9% to 11% if each underlying stock closes at or above its 60% coupon barrier level on the related observation date.

The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date beginning on April 25, 2019.

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

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Oct. 26.

The Cusip number is 22551LDH0.

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