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Credit Suisse plans contingent coupon callable notes on indexes, ETF
By Marisa Wong
Madison, Wis., July 6 – Credit Suisse AG plans to price contingent coupon callable yield notes due Jan. 10, 2019 linked to the S&P 500 index, the iShares MSCI EAFE exchange-traded fund 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 if each underlying closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be 9.25% to 9.75% per year and will be set at pricing.
The payout at maturity will be par unless any underlying finishes below its knock-in level, 60% of its initial level, in which case investors will be fully exposed to the decline of the least-performing underlying.
Beginning Jan. 11, 2016, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
The notes are expected to price July 7 and settle July 10.
The Cusip number is 22546VGV2.
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