Credit Suisse plans contingent coupon autocallable reverse convertibles on stocks, ETF

By Sarah Lizee

Olympia, Wash., Sept. 16 – Credit Suisse AG, London Branch plans to price 8.5% contingent coupon autocallable reverse convertible securities due Sept. 20, 2022 linked to the least performing of three stocks and an ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The underliers are CVS Health Corp., Amazon.com, Inc., Apple Inc. and the VanEck Vectors Gold Miners ETF.

Interest is payable monthly if each asset closes above its coupon barrier, 60% of its initial level, on the related observation date.

The notes will be called at par if the shares of the least performing asset close at or above its initial price on any monthly trigger observation date after six months.

The payout at maturity will be par unless any of the assets finishes below its 50% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Sept. 17.

The Cusip number is 22549J2D1.

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