Credit Suisse plans accelerated barrier notes linked to biotech ETF

By Angela McDaniels

Tacoma, Wash., Aug. 26 – Credit Suisse AG, London Branch plans to price 0% accelerated barrier notes due Sept. 4, 2020 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final share price is greater than or equal to the initial share price, the payout at maturity will be par plus 112.5% to 117.5% of the ETF return. The exact upside participation rate will be set at pricing.

If the ETF finishes below its initial level and a knock-in event does not occur, the payout will be par. A knock-in event occurs if the ETF finishes at or below the knock-in level, 53.5% of the initial share price.

If the ETF finishes below the initial share price and a knock-in event occurs, investors will be fully exposed to the ETF’s decline.

Credit Suisse Securities (USA) LLC is the underwriter.

The notes are expected to price Sept. 1 and settle Sept. 4.

The Cusip number is 22546VKD7.

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