Credit Suisse eyes contingent coupon autocallable yield notes on oil ETF

By Sarah Lizee

Olympia, Wash., May 7 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due May 29, 2020 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter the notes will pay a contingent coupon at an annual rate of 10.5% to 12.5% if the fund closes at or above the coupon barrier, 70% of the initial level, for that period.

The notes will be called at par plus the contingent coupon if the fund closes at or above its initial price on any quarterly trigger observation date.

The payout at maturity will be par unless the shares ever close below the 70% knock-in level on any day during the life of the notes, in which case investors will receive par plus the return of the fund, subject to a maximum payout of par.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on May 28.

The Cusip number is 22552FCK6.

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