Credit Suisse plans contingent coupon callables on oil, biotech funds

By Susanna Moon

Chicago, Aug. 4 – Credit Suisse AG, London Branch plans to price contingent coupon callable yield notes due Aug. 25, 2020 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly contingent coupon at an annual rate of 8.85% and 9.85% if each fund closes at or above its 55% coupon barrier on the observation date for that quarter.

The notes are callable at par on any review dates.

The payout at maturity will be par unless either fund finishes below its 55% knock-in level, in which case investors will receive par plus the return of the worse performing index, up to a maximum payout of par.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Aug. 18.

The Cusip number is 22550BES8.

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