Credit Suisse plans contingent coupon autocallables linked to ETFs

By Angela McDaniels

Tacoma, Wash., Oct. 28 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due May 5, 2023 linked to the least performing of the VanEck Vectors Gold Miners exchange-traded fund, the Energy Select Sector SPDR fund and the Technology 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 10% per year and will be set at pricing.

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 any ETF finishes below its knock-in level, in which case investors will lose 1% for every 1% that the least-performing ETF declines from its initial share price.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price Oct. 31.

The Cusip number is 22551N5D4.

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