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Credit Suisse plans contingent coupon autocallable yield notes on two SPDR funds
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Jan. 31, 2023 linked to the lowest performing of the Energy Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7% to 8% if each fund closes at or above its barrier level, 70% of its initial level, on a related observation date.
Starting July 28, the notes will be called at par plus the coupon if each fund closes at or above 100% of its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless either fund finishes below its 70% knock-in level, in which case the payout will be par plus the return of the least performing fund with full exposure to losses.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Jan. 28.
The Cusip number is 22551NJZ0.
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