Credit Suisse plans contingent coupon notes on S&P 500, biotech ETF

By Marisa Wong

Morgantown, W.Va., June 13 – Credit Suisse AG, London Branch plans to price contingent coupon callable yield notes due June 24, 2019 linked to the S&P 500 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Every six months, the notes will pay a contingent coupon unless either underlying closes below its barrier level, 60% of its initial level, on the observation date for that semiannual period. The contingent coupon rate is expected to be 12.75% per year and will be set at pricing.

The payout at maturity will be par unless either underlying finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser-performing underlying.

The notes will be callable at par on any interest payment date.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price June 17.

The Cusip number is 22548QAW5.

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