Credit Suisse plans 11%-13% contingent coupon autocalls tied to funds

By Susanna Moon

Chicago, Sept. 21 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due April 6, 2020 linked to the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11% to 13% if each fund closes at or above its 50% coupon barrier on an observation date for that quarter.

The notes are callable on any quarterly review date.

The payout at maturity will be par unless either fund ever closes below its 50% knock-in level during the life of the notes, in which case the payout will be par plus the return of the worse performing fund, up to a maximum payout of par.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Sept. 29.

The Cusip number is 22550BGE7.

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