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Credit Suisse plans contingent coupon notes linked to Russell, S&P
By Angela McDaniels
Tacoma, Wash., Aug. 6 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Feb. 22, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be at least 6% per year and will be set at pricing.
The notes will be automatically called at par if each index closes at or above its initial level on Feb. 18, 2020, May 18, 2020, Aug. 18, 2020 or Nov. 18, 2020.
The payout at maturity will be par unless either index closes below its knock-in level on any day during the life of the notes, in which case investors will receive par plus the lesser-performing index’s return, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price Aug. 16.
The Cusip number is 22552FR95.
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