Credit Suisse plans step-up contingent coupon callable yield notes on indexes

By Sarah Lizee

Olympia, Wash., April 16 – Credit Suisse AG, London Branch plans to price step-up contingent coupon callable yield notes due April 28, 2022 linked to the Euro Stoxx 50 index, 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 unless either index closes below its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon is 8% per annum initially, stepping up to 9% per annum on July 29, 2020.

The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.

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

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22552FAZ5) are expected to price April 24.

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