Credit Suisse plans contingent coupon notes on biotech, energy ETFs

By Angela McDaniels

Tacoma, Wash., Oct. 11 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Nov. 5, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each ETF closes at or above its knock-in level, 60% of its initial share price, on the observation date for that quarter. The contingent coupon rate is expected to be at least 12.75% per year and will be set at pricing.

Beginning April 30, 2020, the notes will be automatically called at par if each ETF closes at or above its initial share price on any quarterly observation date.

The payout at maturity will be par unless either ETF closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser-performing ETF, subject to a maximum payout of par.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price Oct. 31.

The Cusip number is 22552FY22.

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