Credit Suisse plans contingent coupon callable yield notes on index, ETF

By Wendy Van Sickle

Columbus, Ohio, July 7 – Credit Suisse AG, London Branch plans to price contingent coupon callable yield notes due July 6, 2021 linked to the SPDR S&P Biotech exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 11.75% to 12.75% unless either asset closes below its barrier level, 60% of its initial level, on the observation date for that quarter.

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

Beginning Jan. 30, 2017, the notes will be callable at par on any interest payment date.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price July 22.

The Cusip number is 22548QC45.

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