Credit Suisse plans 10%-12% contingent rate callables on biotech fund

By Susanna Moon

Chicago, Nov. 16 – Credit Suisse AG, London branch plans to price contingent coupon callable yield notes due Jan. 3, 2019 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% to 12% if the underlying fund closes at or above its 70% coupon barrier on the observation for that quarter.

The notes will be called at par if the fund closes above its initial level on any review date.

The payout at maturity will be par the contingent coupon unless the fund ever closes below its 70% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Dec. 28 and settle on Jan. 3.

The Cusip number is 22550BQM8.

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