Credit Suisse plans step-up contingent coupon notes on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, Dec. 7 – Credit Suisse AG, London Branch, plans to price step-up contingent coupon callable yield notes due Dec. 28, 2026 linked to 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, 65% of its initial level, on the observation date for that quarter. The contingent coupon is 8% per annum initially, stepping up to 9% on Dec. 28, 2021 and to 10% on Dec. 30, 2024.

The payout at maturity will be par 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 interest payment date.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Dec. 22 and settle on Dec. 28.

The Cusip number is 22548QQ65.

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