Credit Suisse plans contingent coupon autocallables on biotech ETF

By Marisa Wong

Morgantown, W.Va., Aug. 4 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Aug. 10, 2018 linked to the SPDR S&P Biotech exchange-traded fund, 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 10% if the fund closes at or above its 70% coupon barrier on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on any quarterly observation date.

The payout at maturity will be par unless the fund closes below its 70% knock-in level on any day during the life of the notes, in which case the payout will be par plus the fund return, capped at par with full exposure to any fund decline.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Aug. 7.

The Cusip number is 22550BF73.

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