Credit Suisse eyes market-linked autocallable notes tied to Dow Jones

By Devika Patel

Knoxville, Tenn., May 5 – Credit Suisse AG, London Branch intends to price market-linked securities – autocallable with contingent coupon and contingent downside due May 18, 2023 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 6% to 7% if the index closes at or above the 75% threshold level on the observation date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par if each index closes at or above the initial level on any quarterly observation date from November 2020 to February 2023, inclusive.

The payout at maturity will be par plus any coupon unless the index finishes below the threshold level, in which case investors will lose 1% for each 1% decline.

Wells Fargo Securities LLC is the agent.

The notes (Cusip: 22552W2Y0) are expected to price May 15 and settle May 20.

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