Credit Suisse to price step-up contingent coupon callable yield notes

By Devika Patel

Knoxville, Tenn., Feb. 21 – Credit Suisse AG, London Branch, plans to price step-up contingent coupon callable yield notes due Feb. 26, 2027 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon unless either index closes below its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon is 10% per annum initially, stepping up to 15% on Feb. 28, 2022.

The payout at maturity will be par plus the final coupon, if any, unless either index finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.

The notes are callable in whole but not in part at par on any early redemption date.

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22548QUD5) are expected to price Feb. 23 and settle Feb. 28.

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